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C. I. R. v. VIRGINIA METAL PRODUCTS, INC.

Nos. 13391, 13392.

290 F.2d 675 (1961)

COMMISSIONER OF INTERNAL REVENUE, Petitioner v. VIRGINIA METAL PRODUCTS, INC., Respondent. VIRGINIA METAL PRODUCTS, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Third Circuit.

Decided May 15, 1961.

Attorney(s) appearing for the Case

James A. Cuddihy, New York City, for taxpayer.

Kenneth E. Levin, Washington, D. C. (Louis F. Oberdorfer and Charles K. Rice, Asst. Attys. Gen., Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for Commissioner.

Before GOODRICH, KALODNER and STALEY, Circuit Judges.

GOODRICH, Circuit Judge.

This case involves the application of the net loss carry-over provisions of Section 122(b) of the 1939 Internal Revenue Code, 26 U.S.C.A.1 The real heart of the case involves the question whether, to get the benefit of these provisions, continuity of the corporate entity is enough.

A corporation named Winfield incurred losses in 1950 and 1951 when it was engaged...

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