- 13 - As indicated, on October 10, 1997, ATMI’s acquisition of petitioner and indirectly of petitioner’s affiliated corporations, limited liability companies, and partnership was consummated. On or about April 15, 1997, there was filed on behalf of petitioner a subchapter S Federal corporate income tax return for petitioner’s stated short taxable year commencing April 1, 1996, and ending December 31, 1996. At the time this subchapter S corporate tax return was filed, management of petitioner and petitioner’s tax return preparer were unaware that on October 7, 1996, petitioner’s subchapter S status inadvertently had been terminated when one of petitioner’s individual shareholders, apparently without knowing the transfer would terminate petitioner’s subchapter S status, transferred to a partnership, an ineligible subchapter S corporate shareholder, his minority stock interest in petitioner. Thereafter, on approximately June 30, 1997, when termination of petitioner’s subchapter S status had come to the attention of petitioner’s management, there was filed on behalf of petitioner an amended subchapter S Federal corporate income tax return for petitioner’s corrected short taxable year commencing April 1, 1996, and ending October 7, 1996, to reflect thePage: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011