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incorporation until the restructuring transaction on May 29,
1986, petitioner was a wholly owned subsidiary of Interlake,
Inc., and a member of the group.
As a result of the restructuring transaction, Interlake,
Inc., became a wholly owned subsidiary of petitioner, and AMC
became a wholly owned subsidiary of Interlake, Inc.1 Immediately
following the restructuring transaction, Interlake, Inc., changed
its name to Acme Steel Co. (Acme), which continued to use
Interlake, Inc.'s Federal identification number after the
restructuring transaction.
As a result of the restructuring transaction, petitioner
became the successor common parent of the continuing group.
Petitioner is a publicly owned corporation, and its shares of
common stock are listed and traded on the NYSE.
The Spinoff
On June 23, 1986, petitioner distributed, pro rata to its
shareholders, all of the issued and outstanding common shares of
Acme (spinoff). As a result of the spinoff, Acme became a
separate publicly traded corporation, the shares of which are
listed and traded on the National Association of Securities
Dealers Automated Quotation system.
The June 23, 1986, spinoff severed Acme's tie to the group.
Petitioner and Acme ceased to be members of the same consolidated
group, and, since the spinoff, they are not under common control.
1 All of the outstanding common shares of Interlake, Inc.,
were converted into common shares of petitioner.
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