Internal Revenue Service
Revenue Ruling

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 Rev. Rul. 55-72

1955-1 C.B. 206

Sec. 11

Caution: Superseded by Rev. Rul. 55-72

Full Text

Rev. Rul. 55-72

Where a corporation is merged into another corporation during a taxable year, in a statutory merger, such merged corporation (not the continuing corporation), in filing its Federal income tax return for its short period immediately preceding the merger, is entitled to the full $25,000 surtax exemption allowed by section 15(b) of the Internal Revenue Code of 1939, since there is no provision in the law for pro-rating such exemption where a corporate Federal income tax return covers a taxable year of less than 12 months