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AMERICAN EXCHANGE SECURITIES CORP. v. HELVERING

Nos. 8, 9.

74 F.2d 213 (1934)

AMERICAN EXCHANGE SECURITIES CORPORATION et al. v. HELVERING, Commissioner of Internal Revenue. GUARDIAN-NEW YORK SECURITIES CORPORATION et. al. v. SAME.

Circuit Court of Appeals, Second Circuit.

December 10, 1934.

Attorney(s) appearing for the Case

William Harding, of New York City, for petitioners.

Frank J. Wideman, Asst. Atty. Gen., and Sewall Key and Edward H. Horton, Sp. Assts. to the Atty. Gen., for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.

L. HAND, Circuit Judge.

These cases present the single question, whether a parent insurance company and its subsidiary, not an insurance company, may together file consolidated income tax returns, in one case for the years 1927 and 1928; in the other for 1928 alone. For the first year the applicable statute is section 240 (a) of the Revenue Act of 1926 (26 USCA § 993 (a); for the second, section 142 (a) of the Act of 1928 (26 USCA § 2142 (a). We have already...

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