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LITTON INDUSTRIES, INC. v. COMMISSIONER

Docket No. 2112-79.

89 T.C. 1086 (1987)

LITTON INDUSTRIES, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 3, 1987.

Attorney(s) appearing for the Case

Deane E. McCormick, Jr., Dennis P. Bedell, and Melissa Thomas May, for the petitioner.

Elaine T. Fuller and Marion L. Westen, for the respondent.

FINDINGS OF FACT AND OPINION

CLAPP, Judge:

Respondent determined a deficiency in petitioner's Federal corporate income tax for the year ended July 29, 1973, in the amount of $11,583,054. After concessions, the issue for decision is whether Litton Industries received a $30 million dividend from Stouffer Corp., its wholly owned subsidiary, or whether that sum represented proceeds from the sale of Stouffer stock...

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