74 F.2d 300 | 3rd Cir. | 1934
The consolidated income tax return filed ■by the parent of a group of affiliated corporations disclosed that certain of the affiliates had separately sustained losses which resulted in losses sustained by the group in 1924
Wo affirm the decision of the Board of Tax Appeals generally on the line of its own reasoning and particularly on authority of Woolford Realty Co. v. Rose, 286 U. S. 319, 52 S. Ct. 568, 76 L. Ed. 1128, which was discussed and relied upon by the Circuit Court of Appeals for the Second Circuit in Delaware & Hudson Co. v. Commissioner, 65 F.(2d) 292, and by this court in Beneficial Loan Society v. Commissioner, 65 F.(2d) 759. The action of the Supreme Court in denying certiorari in these two cases, 290 U. S. 670, 54 S. Ct. 89, 78 L. Ed. 579 and 290 U. S. 677, 54 S. Ct. 101, 78 L. Ed. 584, while not officially significant, inclines us to the belief that the two courts properly understood the law of the Woolf ord Realty Co. Case and that this court is correctly applying it now.