TAYLOR-WHARTON IRON & STEEL CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 5441.

74 F.2d 300 (1934)

TAYLOR-WHARTON IRON & STEEL CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Third Circuit.

December 4, 1934.


Attorney(s) appearing for the Case

Lawrence A. Baker, John A. Selby, and Henry Ravenel, all of Washington, D. C., for petitioner.

Frank J. Wideman, Asst. Atty. Gen., Sewall Key and John G. Remey, Sp. Assts. to Atty. Gen., for respondent.

Before WOOLLEY, DAVIS, and THOMPSON, Circuit Judges.


PER CURIAM.

The consolidated income tax return filed by the parent of a group of affiliated corporations disclosed that certain of the affiliates had separately sustained losses which resulted in losses sustained by the group in 1924 and 1925. In 1926, the taxable year, the same affiliates again sustained losses; yet, after deducting them from profits made by other affiliates, the group made a gain. In determining the taxable...

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