Legal Opinion
United States v. Foster Lumber Co.
Supreme Court of the United States
Decided November 2, 1976No. 74-799PublishedCited by 44 opinions
1Opinion of the CourtJustice Stewart
Section 172 of the Internal Revenue Code of 1954, as amended, provides that a “net operating loss” experienced by a corporate taxpayer in one year may be carried as a deduction to the preceding three years and the succeeding *34five years to offset taxable income of those years.1 The entire loss must be carried to the earliest possible year; any of the loss that is not “absorbed” by that first year *35may then be carried in turn to succeeding years. The respondent, Foster Lumber Co., sustained a net operating loss of some $42,000 in 1968, which it carried back to 1966. In 1966 the respondent had…
2Cases cited12 opinions
- Woolford Realty Co. v. RoseSupreme Court of the United States · 1932
- Libson Shops, Inc., v. Koehler, District Director of Internal RevenueSupreme Court of the United States · 1957
- Lewyt Corp. v. CommissionerSupreme Court of the United States · 1955
- Walter M. Weil and Adele D. Weil v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Chartier Real Estate Co. v. CommissionerUnited States Tax Court · 1969
7 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- In the Matter of Mobile Steel Company, Debtor. Elaine E. Benjamin v. Lester Y. Diamond, as Trustee in Bankruptcy for Mobile Steel, Inc.Court of Appeals for the Fifth Circuit · 1977
- Centex Corp. v. United StatesCourt of Appeals for the Federal Circuit · 2005
- Fed. Sec. L. Rep. P 99,484 John F. Maher v. Zapata Corporation v. William Maldonado, Objector-AppellantCourt of Appeals for the Fifth Circuit · 1983
- Pesch v. CommissionerUnited States Tax Court · 1982
- Continental Equities, Inc., Cross-Appellant v. Commissioner of Internal Revenue, Cross-AppelleeCourt of Appeals for the Fifth Circuit · 1977
39 more not listed; retrieve them via the Exa API.