Searching over 5,500,000 cases.


searching
Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.

Commonwealth Container Corp. v. Commissioner of Internal Revenue

decided: April 9, 1968.

COMMONWEALTH CONTAINER CORP., PETITIONER,
v.
COMMISSIONER OF INTERNAL REVENUE, RESPONDENT



Biggs, Kalodner and Freedman, Circuit Judges.

Author: Biggs

Opinion OF THE COURT

BIGGS, Circuit Judge.

The taxpayer, Commonwealth Container Corporation, appeals from a decision of the Tax Court of the United States holding that there were deficiencies in income taxes for the year 1961 in the sum of $28,474.52 and for the year 1962 in the sum of $21,460.75. Jurisdiction is based on 26 U.S.C. ยง 7482. The only issue presented is what part of the net operating loss carryover of Tri-City Container Corp., which merged into Commonwealth on or about June 21, 1961, may be included in Commonwealth's net operating loss deduction for the years 1961 and 1962.

Simply stated the facts are as follows. The Tri-City Corporation was a New York corporation engaged in the manufacture of corrugated paperboard and containers. From its organization in 1955 up to the date of its merger with the taxpayer, Commonwealth Container, it had 180 outstanding shares owned as follows:

Shareholder Number of Shares

Paul Densen 85 1/2

Abbot Greene 85 1/2

Irwin Densen 9

Total 180

Sometime prior to the merger of Tri-City with the taxpayer, Paul Densen and Abbot Greene each transferred 10 shares of their stock to trusts for their children so that immediately prior to the merger the stock of Tri-City was owned as follows:

Number Percentage

Shareholder of Shares of Total

Paul Densen 75 1/2 41.94

Abbot Greene 75 1/2 41.94

Irwin Densen 9 ...


Buy This Entire Record For $7.95

Download the entire decision to receive the complete text, official citation,
docket number, dissents and concurrences, and footnotes for this case.

Learn more about what you receive with purchase of this case.