Hawaiian Trust Company Limited v. United States

291 F.2d 761 61-1 USTC P 9481 HAWAIIAN TRUST COMPANY LIMITED, a Hawaii corporation, Trustee for the Creditors and Stockholders of Pacific Refiners, Limited, a dissolved Hawaii corporation, Appellant, v. UNITED STATES of America, Appellee. No. 16859. United States Court of Appeals Ninth Circuit. May 25, 1961. 1 Marshall M. Goodsill, Honolulu, Hawaii, for appellant. 2 Charles K. Rice, Asst. U.S. Atty. Gen., Lee A. Jackson, A. F. Prescott, Joseph Kovner and Sharon L. King, Attys., Dept. of Justice, Washington, D.C., and Louis B. Blissard, U.S. Atty., Honolulu, Hawaii, for appellee. 3 Before HAMLIN and MERRILL, Circuit Judges, and JAMESON, District judge. 4 JAMESON, District Judge. 5 Appellant taxpayer seeks recovery of federal income taxes paid under protest for the years 1953 and 1955. Appellant is trustee for the creditors and stockholders of Pacific Refiners, Ltd., a dissolved corporation, hereinafter referred to as Refiners. Two questions are presented: (1) whether Refiners was entitled to carry forward as a consolidated net operating loss to 1953 the net operating loss suffered in 1950 by its subsidiary, Hilo Gas Company, Ltd., hereinafter referred to as Hilo Gas; and (2)…