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ELASTIC FABRICS OF PUERTO RICO, INC. v. COMMISSIONER

Docket No. 31874-83.

52 T.C.M. 1340 (1987)

T.C. Memo. 1987-17

Elastic Fabrics of Puerto Rico, Inc., c/o International Stretch Products, Inc. v. Commissioner.

United States Tax Court.

Filed January 8, 1987.

Attorney(s) appearing for the Case

Gabriel Kaszovitz, 437 Madison Ave., New York, N.Y., for the petitioner. Michael Goldbas, for the respondent.

Memorandum Opinion

PARR, Judge:

Respondent determined deficiencies in petitioner's Federal income taxes for the fiscal year ended September 1, 1974, in the amount of $67,552.00 and for the fiscal year ended August 31, 1975 in the amount of $88,241.00. The issue for decision is whether petitioner is precluded by section 1504(b)(4)1 from joining in its parent's previously filed consolidated return.

The parties agree on...

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