Legal Opinion
In Re Luster
United States Bankruptcy Court, N.D. Illinois
Decided November 21, 1991No. 19-05463PublishedCited by 4 opinions
1Opinion of the Court
MEMORANDUM OF DECISION
EUGENE R. WEDOFF, Bankruptcy Judge.
The two cases now before the court have been considered together because they present the identical legal issue: whether the trustee in a liquidating bankruptcy under the 1898 Bankruptcy Act may claim, as property of the estate, net operating loss (“NOL”) carryovers to which the debtors would have been entitled outside of bankruptcy. This issue has been raised by the trustee’s motions for summary judgment in each of the cases. For the reasons discussed below, the court finds that the debtors’ prepetition NOL carryovers are available to…
2Cases cited19 opinions
- Anderson v. Liberty Lobby, Inc.Supreme Court of the United States · 1986
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Segal v. RochelleSupreme Court of the United States · 1966
- Helvering v. New York Trust Co.Supreme Court of the United States · 1934
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
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3Cited by4 opinions
- In the Matter of Melvin R. Luster, Debtor. In the Matter of Harold E. Friedman, Debtor. Appeal of Dennis E. Quaid, Trustee. (Two Cases)Court of Appeals for the Seventh Circuit · 1992
- United States Ex Rel. Internal Revenue Service v. Quaid (In Re Luster)District Court, N.D. Illinois · 1992
- United States ex rel. Internal Revenue Service v. Quaid (In re Friedman)District Court, N.D. Illinois · 1992
- Litzler v. American Elk Conservatory, Inc. (In Re Kelso)United States Bankruptcy Court, N.D. Texas · 1996