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C. I. R. v. GOODWYN CROCKERY COMPANY

No. 15040.

315 F.2d 110 (1963)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. GOODWYN CROCKERY COMPANY, Respondent.

United States Court of Appeals Sixth Circuit.

March 28, 1963.

Attorney(s) appearing for the Case

Norman H. Wolfe, Dept. of Justice, Washington, D. C., for petitioner, Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, I. Henry Kutz, Dept. of Justice, Washington, D. C., on the brief.

Alvin L. Prichard, Sr., Louisville, Ky., for respondent, Ernest Woodward, II, Alvin L. Prichard, Sr., John P. Sandidge, Woodward, Hobson & Fulton, Louisville, Ky., on the brief.

Before WEICK, Circuit Judge, and BOYD and THORNTON, District Judges.

WEICK, Circuit Judge.

The only question in this case is whether the corporate taxpayer, Goodwyn Crockery Company, was entitled to a deduction, in its income tax computations, for net operating loss carryovers from the earnings of the business it conducted after the sale of its outstanding shares of capital stock to a new owner. This depended on whether Goodwyn, within the meaning of Section 382(a) (1) (C) of the Internal Revenue Code of 1954, "continued to carry on...

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