Jim Burch & Associates, Inc. v. Commissioner
United States Tax Court
An affiliated group of corporations incurred consolidated net operating losses, which were attributable solely to petitioner's wholly owned subsidiary. Held, inasmuch as that subsidiary was not a member of the group immediately after its organization, the consolidated net operating loss may not be carried back to the separate return year of petitioner.
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An affiliated group of corporations incurred consolidated net operating losses, which were attributable solely to petitioner's wholly owned subsidiary. Held, inasmuch as that subsidiary was not a member of the group immediately after its organization, the consolidated net operating loss may not be carried back to the separate return year of petitioner. Sec. 1.1502-79(a), Income Tax Regs.Held, further, respondent's determination that part of petitioner's underpayment of tax was due to negligence or intentional disregard of rules and regulations within the purview of sec. 6653(a), I.R.C. 1954,…
1Opinion of the Court
OPINION
Ekman, Judge:*
Respondent determined deficiencies in petitioner’s income taxes for the calendar years 1974 and 1975 in the amounts of $41,639.14 and $6,269.73, respectively, and an addition to tax under section 6653(a), I.R.C. 1954, for 1974 in the amount of $2,081.95.
Due to concessions by the parties, the issues remaining for decision are (1) whether consolidated net operating losses which were incurred by petitioner and its wholly owned subsidiary during the taxable years 1976 and 1977, and which are attributable solely to the subsidiary can be carried back to petitioner’s separate…
2Cases cited5 opinions
- Enoch v. CommissionerUnited States Tax Court · 1972
- Pritchett v. CommissionerUnited States Tax Court · 1974
- Georgia-Pacific Corp. v. CommissionerUnited States Tax Court · 1975
- Leroy Jewelry Co. v. CommissionerUnited States Tax Court · 1961
- Electronic Sensing Products, Inc. v. CommissionerUnited States Tax Court · 1977
3Cited by7 opinions
- J. A. Tobin Constr. Co. v. CommissionerUnited States Tax Court · 1985
- Ribb v. CommissionerUnited States Tax Court · 1988
- Grove Equity v. CommissionerUnited States Tax Court · 1994
- J. A. Tobin Constr. Co. v. CommissionerUnited States Tax Court · 1985
- Jim Burch & Associates, Inc. v. CommissionerUnited States Tax Court · 1981
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