Crown Cork International Corporation v. COMMISSIONER OF INTERNAL REVENUE

Third Circuit

Crown Cork International Corporation v. COMMISSIONER OF INTERNAL REVENUE

149 F.2d 968, 33 A.F.T.R. (P-H) 1480, 1945 U.S. App. LEXIS 4240

CourtCourt of Appeals for the Third Circuit

DecidedMay 31, 1945

Docket8830

StatusPublished

Cited by1 cases

This text of 149 F.2d 968 (Crown Cork International Corporation v. COMMISSIONER OF INTERNAL REVENUE) is published on Counsel Stack Legal Research, covering Court of Appeals for the Third Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Crown Cork International Corporation v. COMMISSIONER OF INTERNAL REVENUE, 149 F.2d 968, 33 A.F.T.R. (P-H) 1480, 1945 U.S. App. LEXIS 4240 (3d Cir. 1945).

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Opinion

PER CURIAM.

This is an appeal from a decision of the Tax Court of the United States, which disallowed a deduction claimed by the petitioner, Crown Cork International Corporation. Petitioner based its claim for a deduction on an alleged capital loss sustained in 1939, when petitioner sold 12,000 shares of the capital stock of Societe du Bouchon Couronne, S. A., to Foreign Manufacturers Finance Corporation, a subsidiary wholly owned by petitioner.

The Tax Court based its refusal to allow the claimed deduction upon the ground that, under all the circumstances here attendant, the alleged sale by the parent corporation to the subsidiary corporation lacked economic reality. We agree with the decision of the Tax Court and we deem it unnecessary to add to the opinion filed in that Court, 4 T.C. 19.

We accordingly affirmed the decision of the Tax Court of the United States.

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PER CURIAM.

This is an appeal from a decision of the Tax Court of the United States, which disallowed a deduction claimed by the petitioner, Crown Cork International Corporation. Petitioner based its claim for a deduction on an alleged capital loss sustained in 1939, when petitioner sold 12,000 shares of the capital stock of Societe du Bouchon Couronne, S. A., to Foreign Manufacturers Finance Corporation, a subsidiary wholly owned by petitioner.

The Tax Court based its refusal to allow the claimed deduction upon the ground that, under all the circumstances here attendant, the alleged sale by the parent corporation to the subsidiary corporation lacked economic reality. We agree with the decision of the Tax Court and we deem it unnecessary to add to the opinion filed in that Court, 4 T.C. 19.

We accordingly affirmed the decision of the Tax Court of the United States.

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149 F.2d 968, 33 A.F.T.R. (P-H) 1480, 1945 U.S. App. LEXIS 4240, Counsel Stack Legal Research, https://law.counselstack.com/opinion/crown-cork-international-corporation-v-commissioner-of-internal-revenue-ca3-1945.

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