Alumax Inc. and Consolidated Subsidiaries - Page 4

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          and that therefore petitioners may not join in any of those                 
          consolidated returns.                                                       
               (2) Has the period of limitations under section 6501 for               
          each of the years 1984, 1985, and 1986 for the assessment of tax            
          due from petitioners' group expired?  We hold that it has not.              
               This case was submitted fully stipulated.  All of the facts            
          that have been stipulated are so found unless otherwise stated              
          herein.                                                                     
          General                                                                     
               Alumax Inc. (Alumax), a Delaware corporation organized by              
          Amax on October 17, 1973, had its principal place of business in            
          Norcross, Georgia, at the time the petition was filed.5  At all             
          relevant times Alumax has been an integrated aluminum company               
          engaged in the production and sale of primary aluminum, semi-               
          fabricated products, and diverse fabricated products.                       
               Amax, a New York corporation organized in 1887, has been at            
          all relevant times a worldwide supplier of metals and energy, as            
          well as a manufacturer and distributor of metals-related products           
          and chemicals.6  Prior to December 5, 1973, Amax' principal                 
          businesses were in aluminum, coal, gold, and molybdenum.  Amax              
          conducted the aluminum business, which it had entered during                


          5  Since its incorporation, Alumax has operated under different             
          names.                                                                      
          6  Since its incorporation, Amax has operated under different               
          names.                                                                      




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