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PATTEN FINE PAPERS v. COMMISSIONER OF INTERNAL REV.

No. 12059.

249 F.2d 776 (1957)

PATTEN FINE PAPERS, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

November 26, 1957.

Attorney(s) appearing for the Case

Robert E. Nelson, Green Bay, Wis., for petitioner.

Charles K. Rice, Asst. Atty. Gen., Karl Schmeidler, Atty., Tax Division, Dept. of Justice, Washington, D. C. (Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before FINNEGAN, LINDLEY and PARKINSON, Circuit Judges.

LINDLEY, Circuit Judge.

This petition for review of a decision of the United States Tax Court raises essentially three issues: first, should petitioner Patten Fine Papers, Inc., a personal holding company, be allowed to deduct its federal income tax paid in 1950 in computing its undistributed sub-chapter A net income for 1950; second, may it deduct the net capital loss of a wholly owned subsidiary for a year in which the subsidiary was liquidated; and, third, may...

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