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ing had owned 100 percent of the outstanding shares of the Alumax
common stock, distributed to its common stockholders all of the
Alumax common stock that it held, and Alumax has been publicly
held since that time. Immediately thereafter, Amax was merged
into Cyprus Minerals Company, and the surviving company and
successor to Amax was renamed Cyprus Amax Minerals Company
(Cyprus Amax).
Filing and Examination of the Consolidated Returns
Alumax filed consolidated returns for the calendar years
1981 and 1983 as the common parent of petitioners' group, an
affiliated group within the meaning of section 1504(a).
Amax filed consolidated returns for 1984, 1985, and 1986 on
September 15, 1985, September 15, 1986, and September 15, 1987,
respectively, in which it claimed to be the common parent of an
affiliated group within the meaning of section 1504(a) that
consisted of corporations in both the Amax group and petitioners'
group. As part of the 1984 consolidated return that it filed,
Amax included the following documents: (1) Form 851 (Affilia-
tions Schedule) that listed the corporations that were included
in the 1984 consolidated return, including the corporations in
petitioners' group; (2) a document dated August 12, 1985, enti-
tled "ELECTION TO BE A MEMBER AS OF JANUARY 1, 1984" (election
document), that was signed by John A. Brader as vice president of
Alumax, and that provided:
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