American Air Filter Co. v. Commissioner
United States Tax Court
1. P was a U.S. shareholder of wholly owned controlled foreign corporations I, IF, and UK. P intended to receive minimum distributions from each of I and IF for 1974 pursuant to sec. 963, I.R.C. 1954. Because of a clerical oversight, the required election statement was not filed with P's 1974 return; one was provided to the Commissioner during the audit of P's 1974 return.
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1. P was a U.S. shareholder of wholly owned controlled foreign corporations I, IF, and UK. P intended to receive minimum distributions from each of I and IF for 1974 pursuant to sec. 963, I.R.C. 1954. Because of a clerical oversight, the required election statement was not filed with P's 1974 return; one was provided to the Commissioner during the audit of P's 1974 return. Held, P effectively elected to receive minimum distributions from I and IF for 1974 pursuant to sec. 963. 2. P also did not file for 1974 the required statement to elect the 180-day distribution period ( sec. 1.963-3(g)(2),…
1Opinion of the Court
Simpson, Judge:
The Commissioner determined the following deficiencies in the petitioner’s Federal income taxes:
Taxable year ended Deficiency
Oct. 31, 1974 . $601,634.68
Oct. 31, 1977 . 1,399,920.00
Oct. 2, 1978 . 452,058.00
After concessions by the parties, the issues remaining for decision are: (1) Whether the petitioner, American Air Filter Co., Inc., effectively elected to receive minimum distributions from two of its foreign subsidiaries for 1974 pursuant to section 963 of the Internal Revenue Code of 19541; (2) if só, whether the petitioner effectively elected the 180-day distribution period…
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