CHRYSLER CORP. v. COMMISSIONER OF INTERNAL REVENUE
United States Tax Court
P's 1980, 1981, and 1982 Federal income tax returns claimed deductions for foreign tax liabilities which had accrued during those years. On July 24, 1995, P amended those returns to elect foreign tax credits in lieu of the deductions and amended its 1985 return to claim a refund from a carryover of the foreign taxes to 1985. R disallowed the claim, determining in relevant part that P's change of the deductions to credits was untimely under sec. 901(a), I.R.C.
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P's 1980, 1981, and 1982 Federal income tax returns claimed deductions for foreign tax liabilities which had accrued during those years. On July 24, 1995, P amended those returns to elect foreign tax credits in lieu of the deductions and amended its 1985 return to claim a refund from a carryover of the foreign taxes to 1985. R disallowed the claim, determining in relevant part that P's change of the deductions to credits was untimely under sec. 901(a), I.R.C. HELD: P's election to credit the foreign taxes was untimely under sec. 901(a), I.R.C. The period specified therein commenced on the due…
1Opinion of the Court
OPINION
Laro, Judge:
Respondent moves the Court for partial summary judgment. See Rule 121. Respondent determined deficiencies of $593,967, $13,064,705, and $36,102,409 in petitioner’s Federal income taxes for 1983, 1984, and 1985, respectively. The deficiencies are attributable partially to respondent’s determination that petitioner could not in 1995 amend its 1985 tax return to claim for that year a carryover of foreign tax credits which accrued in 1980, 1981, and 1982.
We decide for the first time whether petitioner timely elected under section 901(a) to credit (rather than deduct) its 1980,…
2Cases cited2 opinions
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