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LIBSON SHOPS, INC., v. KOEHLER

No. 64.

353 U.S. 382 (1957)

LIBSON SHOPS, INC., v. KOEHLER, DISTRICT DIRECTOR OF INTERNAL REVENUE.

Supreme Court of United States.

Decided May 27, 1957.

Attorney(s) appearing for the Case

Henry C. Lowenhaupt and Owen T. Armstrong argued the cause for petitioner. With them on the brief was Abraham Lowenhaupt.

John N. Stull argued the cause for respondent. On the brief were Solicitor General Rankin, Assistant Attorney General Rice, Harry Baum and Grant W. Wiprud.

Louis Eisenstein filed a brief for the Newmarket Manufacturing Co., as amicus curiae, urging reversal.

MR. JUSTICE BURTON delivered the opinion of the Court.

The issue before us is whether, under §§ 23 (s) and 122 of the Internal Revenue Code of 1939, as amended, a corporation resulting from a merger of 17 separate incorporated businesses, which had filed separate income tax returns, may carry over and deduct the pre-merger net operating losses of three of its constituent corporations from the post-merger income attributable to the other businesses. We hold...

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