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BRIARCLIFF CANDY CORPORATION v. COMMISSIONER

Docket No. 5415-82.

54 T.C.M. 667 (1987)

T.C. Memo. 1987-487

Briarcliff Candy Corporation and Subsidiaries v. Commissioner.

United States Tax Court.

Filed September 28, 1987.

Attorney(s) appearing for the Case

Leon Baker and Ellis Reemer, 101 Park Ave., New York, N.Y., for the petitioners. Anne Hintermeister, for the respondent.

Memorandum Opinion

PANUTHOS, Special Trial Judge.

This case is before the Court on petitioners' Motion for Summary Judgment.1 The sole issue for decision is whether section 269 applies to the acquisition by Briarcliff Candy Corporation (Briarcliff), a corporation with substantial net operating losses, of Health-Med Corporation (Health-Med) and its subsidiaries, so as to disallow deduction of the net operating losses against profits...

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