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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 the
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