- 11 - Systems Corp. (Controlled Casting), National For Sale by Owner Realty Corp. (Sale By Owner), National Industrial Management Corporation (Industrial Management), and Far Western Real Estate Corp. (Far Western). For the years for which petitioner's returns show consolidated losses, the separate gains and losses of petitioner and its subsidiaries are as follows: Total Controlled Industrial Sale By Far Year Loss NII Casting Management Owner Western 1989 ($35,229) ($35,229) * * * * 1988 (32,766) (32,716) * * * (50) 1985 (46,115) (41,602) * (3,995) (408) (110) 1984 (35,992) (4,814) * (11,594) 3,722 (23,306) 1983 (38,514) 7,188 * (13,821) (5,232) (26,949) 1982 (47,378) (25,720) * (1,709) (19,949) * 1978 (40,328) (2,565) * (37,763) * * 1976 (19,941) (36,113) (486) 16,658 * * * represent years in which petitioner's consolidated return did not include the subsidiary. Controlled Casting emerged from an arrangement between Sears, an inventor, and Shell Chemical Company (Shell). They sought to develop a new type of foundry equipment, which, by injecting sand with a resin-type material, could form the mixture into molds. Sears and Shell agreed that if Shell would develop the resin and give Sears a 10-year license, then he, in turn, would design the machine. Shell subsequently formulated the resin from benzene, a petroleum derivative. Sears incorporated Controlled Casting and, in 1973, sold 80 percent of its stock to petitioner. Not only did Controlled Casting design the machine, but it also manufactured several of them and sold two to General Motors. However, shortlyPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011