Kent v. Commissioner
United States Tax Court
Net Operating Loss Deduction for 1953 Based on Net Operating Loss Carryback From 1955 -- Applicable Law. -- Net operating loss for 1955, computed and carried back to 1953 under section 172 of the 1954 Code, must be reduced by adjustments provided in section 122(d) of the 1939 Code in computing the amount of the net operating loss deduction allowable for 1953. The net operating loss deduction for 1953 must be computed under section 122(c) of the 1939 Code even though only…
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Net Operating Loss Deduction for 1953 Based on Net Operating Loss Carryback From 1955 -- Applicable Law. -- Net operating loss for 1955, computed and carried back to 1953 under section 172 of the 1954 Code, must be reduced by adjustments provided in section 122(d) of the 1939 Code in computing the amount of the net operating loss deduction allowable for 1953. The net operating loss deduction for 1953 must be computed under section 122(c) of the 1939 Code even though only amount to be included therein is the net operating loss carryback from 1955.
1Opinion of the Court
OPINION.
Dkennen, Judge:
Respondent determined a deficiency in petitioners’ income tas for the calendar year 1953 in the amount of $2,813.30.
The sole issue is whether, in computing the net operating loss deduction for 1953, a net operating loss carryback from the calendar year 1955 to the calendar year 1953 must be reduced by 50 per cent of the long-term capital gains realized in 1953. This in turn depends on whether the Internal Revenue Code of 1939 or the Internal Revenue Code of 1954 governs the computation of the 1953 operating loss deduction arising from a carryback of a net operating loss…
2Cases cited3 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Reo Motors, Inc. v. CommissionerSupreme Court of the United States · 1950
- Cambria Collieries Co. v. CommissionerUnited States Tax Court · 1948
3Cited by14 opinions
- Humacid Co. v. CommissionerUnited States Tax Court · 1964
- United States v. Whitney Land CompanyCourt of Appeals for the Eighth Circuit · 1963
- Irving-Kolmar Corp. v. CommissionerUnited States Tax Court · 1961
- American Bank & Trust Company v. United StatesCourt of Appeals for the Fifth Circuit · 1964
- American Bank & Trust Co. v. United StatesDistrict Court, E.D. Louisiana · 1963
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