Chartier Real Estate Co. v. Commissioner
United States Tax Court
1. T corporation, for its taxable year ending June 30, 1962, had capital gain income of $ 83,787.64 and ordinary income of $ 1,115.57. It had an unused net operating loss of $ 11,458.21 from the next 2 taxable years which could be carried back to the taxable year ending June 30, 1962. Held, in computing tax under the "alternative" method provided in sec. 1201(a), I.R.C. 1954, no part of the net operating loss may be applied against the capital gain.
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1. T corporation, for its taxable year ending June 30, 1962, had capital gain income of $ 83,787.64 and ordinary income of $ 1,115.57. It had an unused net operating loss of $ 11,458.21 from the next 2 taxable years which could be carried back to the taxable year ending June 30, 1962. Held, in computing tax under the "alternative" method provided in sec. 1201(a), I.R.C. 1954, no part of the net operating loss may be applied against the capital gain. Walter M. Weil, 23 T.C. 424, affirmed 229 F. 2d 593 (C.A. 6) followed. 2. Held, that part of the net operating loss not absorbed in the…
1Opinion of the Court
OPINION
Raum, Judge:
The Commissioner determined deficiencies in petitioner’s Federal income taxes in the following amounts:
Year ending Amount
Docket No. 838-66_June 30, 1962_ $270. 04
Docket No. 2116-67_June 30, 1965_ 6, 812. 22
In its petition in docket Ho. 838-66, petitioner seeks a refund of $2,948.96 in respect of an alleged overpayment. Certain matters previously in controversy are no longer in dispute, leaving for our determination the question of the proper relationship between a net operating loss carryback deduction and the “alternative” tax computation provided in section 1201(a),…
2Cases cited11 opinions
- Tyler v. United StatesSupreme Court of the United States · 1930
- Irwin v. GavitSupreme Court of the United States · 1925
- Walter M. Weil and Adele D. Weil v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Weil v. CommissionerUnited States Tax Court · 1954
- Isabel Collier Read, as of the Estate of Miles Collier, Deceased v. United StatesCourt of Appeals for the Fifth Circuit · 1963
6 more not listed; retrieve them via the Exa API.
3Cited by32 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
- Lone Manor Farms, Inc. v. CommissionerUnited States Tax Court · 1974
- 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
- United States v. Foster Lumber Co.Supreme Court of the United States · 1976
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