Can the U.S. tax a foreign company owned by Americans? The Government believes it can, if the owners conducted any of its operations in the U.S. Last week Government lawyers submitted an unprecedented brief to a U.S. tax court in Cleveland to try to collect more than $2,000,000 in back taxes from Consolidated Premium Iron Ores, Ltd., a Canadian mine holding company and its owners, Cleveland Financier Cyrus Eaton, chairman of the Chesapeake & Ohio Railway, and William R. Daley, owner of the Cleveland Indians.
The intricate tax case dates back to 1942, when Eaton set out to finance a new...
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