T.C. Memo. 2003-118
UNITED STATES TAX COURT
ACME STEEL COMPANY (formerly known as Interlake, Inc.,
and now known as Acme Metals, Inc.) AND CONSOLIDATED
SUBSIDIARIES, Petitioners v. COMMISSIONER OF
INTERNAL REVENUE, Respondent
Docket No. 7885-94. Filed April 28, 2003.
P was the common parent of an affiliated group
that was restructured in 1986. In 1986, pursuant to
the restructuring plan, P formed a subsidiary, I.
Following the formation of I, P became a subsidiary of
I through an inversion. I then distributed, pro rata
to its shareholders in a spinoff, all the issued and
outstanding common shares of P, which continued to hold
all the shares of one pre-existing subsidiary of P.
Following the restructuring and spinoff, P filed a
consolidated Form 1120, U.S. Corporation Income Tax
Return, for a 27-week 1986 tax year claiming a
consolidated net operating loss (CNOL). P filed a Form
1139, Application for Tentative Refund under sec. 6411,
I.R.C., carrying back the CNOL to the affiliated
group’s 1981 and 1984 tax years and requesting
tentative refunds for 1981 and 1984. I filed a
consolidated U.S. corporation income tax return for a
52-week 1986 tax year claiming a CNOL. I also filed an
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