Beznos v. Department of Treasury

Respondent Department of Treasury challenges a decision of the Tax Tribunal allowing the full amount of petitioners’ net operating loss (NOL) 1 deductions for tax years 1987 (petitioners Harold and Barbara Beznos) and 1988 and 1989 (petitioner Norman Beznos). We affirm.

i

The underlying facts are not in dispute. For the tax years in question, petitioners reported NOLs on their Michigan tax returns. Respondent disallowed petitioners’ NOL deductions and assessed deficiencies against petitioner Norman Beznos in the amount of $22,596.73 and petitioners Harold and Barbara Beznos in the amount of…