ZANESVILLE INVESTMENT COMPANY v. C.I.R.

No. 15282.

335 F.2d 507 (1964)

The ZANESVILLE INVESTMENT COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

August 12, 1964.


Attorney(s) appearing for the Case

Lawrence D. Stanley, Columbus, Ohio (Joseph S. Platt, John A. Dunkel, Columbus, Ohio, on the brief), for petitioner.

Norman H. Wolfe, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Arthur A. Armstrong, Los Angeles, Cal., for Amicus Curiae.

Before PHILLIPS, Circuit Judge, McALLISTER, Senior Circuit Judge, and LEVIN, District Judge.


LEVIN, District Judge.

The question presented for decision is whether Section 2691 of the Internal Revenue Code of 1954 or some judicially enunciated principle of law prevents the offsetting in a consolidated return of cash operating losses and losses realized on the sale of physical assets sustained after affiliation by one corporate member of an affiliated group with the post-affiliation profits...

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