SUBSIDIARIES v. COMMISSIONER

Docket No. 7950-71.

35 T.C.M. 158 (1976)

T.C. Memo. 1976-39

Texasgulf Inc. and Subsidiaries v. Commissioner.

United States Tax Court.

Filed February 12, 1976.


Attorney(s) appearing for the Case

Richard H. Appert, 14 Wall St., New York, N.Y., Haliburton Fales, II, Emanuel G. Demos, Earl L. Huntington, and Meredith P. Crawford, Jr., for the petitioners. Rudolph J. Korbel and Peter Matwiczyk, for the respondent.


Memorandum Findings of Fact and Opinion

QUEALY, Judge:

Respondent determined deficiencies in the corporate income tax of petitioners for the taxable years 1958, 1959, and 1960 in the amounts of $2,999,814.47, $961,172.31 and $3,779,364.60, respectively.

Due to concessions by the parties, the only questions that remain for this Court's determination relate to Compania Exploradora del Istmo, S.A. (hereinafter referred to as "CEDI"), a wholly-owned...

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