Connecticut General Life Insurance Company - Page 1

                                           109 T.C. No. 5                                                


                                      UNITED STATES TAX COURT                                            


                 CONNECTICUT GENERAL LIFE INSURANCE COMPANY, Petitioner v.                               
                         COMMISSIONER OF INTERNAL REVENUE, Respondent                                    
              CIGNA CORPORATION AND CONSOLIDATED SUBSIDIARIES, Petitioner v.                             
                         COMMISSIONER OF INTERNAL REVENUE, Respondent                                    


                  Docket Nos. 21212-92, 21213-92.      Filed August 12, 1997.                            


                        Held:  In consolidating nonlife insurance                                        
                  companies with life insurance companies and for                                        
                  purposes of calculating the amount of net operating                                    
                  losses of nonlife insurance companies that, under sec.                                 
                  1503(c)(1) and (2), I.R.C., may reduce income of the                                   
                  life insurance companies, companies that constituted                                   
                  members of a “recently acquired” affiliated group of                                   
                  nonlife insurance companies that previously filed                                      
                  consolidated Federal income tax returns are to be                                      
                  treated as separate entities.                                                          











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