Purchase and Dissolution By Anaconda Copper Co.
In 1922, the Anaconda Copper Mining Company (of Montana) acquired American Brass The merger was one of the largest deals in American business up to that time. That year, Anaconda achieved the largest revenue in corporate history to date ($175,450,384), due primarily to the acquisition of American Brass. Anaconda Copper used American Brass' position as the dominant firm in the brass manufacturing industry to engage in price-fixing.
The division also expanded rapidly in Canada. This had significant consequences for the company, and led to a major tax case in Canada. From 1922 to 1937, Anaconda American Brass used the FIFO method of accounting. In 1937, however, the company moved to LIFO accounting. The Canada Customs and Revenue Agency took issue with this accounting change, and in 1947 sued to recover tax revenues under the Excess Profits Tax Act of 1940. In 1956, the Supreme Court of Canada held in Minister of National Revenue vs. Anaconda American Brass Ltd. A.C. 85 (1956) that LIFO was not allowed for tax purposes in Canada. As of 2000, the case still provided the legal precedence for LIFO not being allowed for tax purposes in Canada.
The company retained its own identity until 1960 when the name was changed to Anaconda American Brass.
Read more about this topic: American Brass Company
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A box of counters and a red-veined stone,
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