Coy F. Glenn and Peggy Glenn v. United States

This is an appeal in a tax case. The facts are not in dispute. The appellants, Coy F. and Peggy Glenn, sustained a net operating loss of $85,526.85 in 1970. Under the provisions of I.R.C. § 172 (which relates to “net operating loss carrybacks”) appellants were entitled to carry the loss back, resulting in a $41,995.56 overpayment in 1967. Pursuant to an extension granted by the I.R.S., appellants’ return for the loss year, 1970, was not filed until September 13, 1971. 1 Their administrative claim for refund was filed on April 26, 1974. In an action to recover the overpayment, the United…