International Investment Corp. v. Commissioner of Internal Revenue
Opinion
PER CURIAM.
This is a petition to review a decision of the Tax Court that a loss claimed by the petitioner upon the complete liquidation of Portage Water Company, a wholly owned subsidiary, was not recognizable for income tax purposes under Section 112(b) (6) of the Internal Revenue Code, 26 U.S.C.A. § 112 (b) (6). The property received by the petitioner upon the liquidation of its subsidiary consisted wholly of cash. Upon the authority of Tri-Lakes S. S. Co. v. Commissioner of Internal Revenue, 6 Cir. 1945, 146 F.2d 970 , and for the reasons stated by the Tax Court in its opinion in the present case filed by Judge Kern, 11 T.C. 678 , the decision of the Tax Court will be affirmed.
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