RECO INDUSTRIES, INC. v. COMMISSIONER

Docket No. 4861-81.

83 T.C. 912 (1984)

RECO INDUSTRIES, INC., COMMON PARENT CORPORATION OF CONSOLIDATED GROUP CONSISTING OF RECO INDUSTRIES, INC., AND SUBSIDIARIES, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 10, 1984.


Attorney(s) appearing for the Case

Robert S. Parker, Jr., and B. Cary Tolley III, for the petitioner.

Marion B. Morton and William L. Ringuette, for the respondent.


OPINION

JACOBS, Judge:*

Respondent determined the following deficiencies in the income taxes of RECO Industries, Inc., and its wholly owned subsidiaries:

TYE Dec. 31Deficiency

1974 .................................  $799,448.73
1975 .................................     5,157.68
1976 .................................   393,002.56

The sole issue...

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