- 3 - opinion) with regard to remaining issues in the case. See Nestle Holdings, Inc. v. Commissioner, T.C. Memo. 1995-441, affd. in part, revd. and remanded in part 152 F.3d 83 (2d Cir. 1998). In the 1995 opinion, the Court (1) held that petitioner and Carnation Co. (Carnation) were entitled to interest deductions of $131,739,791,3 (2) established the fair market value of various Carnation assets, and (3) concluded that Carnation (i.e., petitioner) had to recognize capital gains on the sale of those assets to Nestle S.A., a foreign entity. The Court ordered the parties to submit computations under Rule 155. 1995 Advance Tax Payments On December 15, 1995, after the release of the 1995 opinion, but before the Court entered a decision, petitioner paid respondent the following amounts (advance tax payments) on the deficiencies as anticipated by petitioner for the tax years in issue: Taxable Year Ending Advance Tax Payments Dec. 31, 1983 $6,774,252 Dec. 29, 1984 31,222,100 Dec. 28, 1985 114,964,176 Initial Tentative Refunds and 1996 Motion To Strike On August 7, 1996, a stipulation by the parties with regard 3 During 1985, Carnation was acquired by and became a subsidiary of Nestle Enterprises, Inc., petitioner’s predecessor. For 1985, Nestle Enterprises, Inc., and Carnation filed a consolidated return. Petitioner has filed its petition as a successor in interest to Nestle Enterprises, Inc.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011