-117-
discussion of the plain meaning of “manner” is that it
misunderstands the import of the many opinions from the 1930s
and 1940s that in effect did set a filing deadline for foreign
corporations if they wanted to qualify for deductions and other
credits. The BTA’s opinion in Taylor Securities Inc. v.
Commissioner, 40 B.T.A. 696 (1939), and the opinions of the
Fourth Circuit in Ardbern Co. v. Commissioner, 120 F.2d 424 (4th
Cir. 1941), modifying and remanding 41 B.T.A. 910 (1940);
Blenheim Co. v. Commissioner, 125 F.2d 906 (4th Cir. 1942),
affg. 42 B.T.A. 1248 (1940); and Georday Enterprises v.
Commissioner, 126 F.2d 384 (4th Cir. 1942), all disagreed with a
reading of Anglo-American as disallowing any limits on late
filing.
As the Board of Tax Appeals explained in Taylor Securities:
In view of such a specific prerequisite [that
foreign corporate taxpayers file tax returns]
it is inconceivable that Congress contemplated
by that section that taxpayers could wait
indefinitely to file returns and eventually
when the respondent determined deficiencies
against them they could then by filing returns
obtain all the benefits to which they would
have been entitled if their returns had been
timely filed. Such a construction would put a
premium on evasion, since a taxpayer would have
nothing to lose by not filing a return as
required by statute.
40 B.T.A. at 703-04.
The Fourth Circuit recognized long ago that Taylor
Securities was an innovation. Blenheim, 125 F.2d at 910. It is
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