T.C. Memo. 1997-160
UNITED STATES TAX COURT
STEVEDORING SERVICES OF AMERICA, INC. AND SUBSIDIARIES,
Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 13399-95. Filed March 31, 1997.
P. Bruce Wright, George R. Abramowitz, and Diana E. Buckley,
for petitioners.
Terri A. Merriam and Keith G. Medleau, for respondent.
MEMORANDUM OPINION
COHEN, Chief Judge: Respondent determined a deficiency in
petitioners' Federal income tax of $2,018,147 for the fiscal year
ended January 26, 1990.
The issue for decision is whether, upon disaffiliation from
Hanseatic Eastern Insurance Company (Bermuda), Ltd. (Hanseatic)
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