Tebon v. Commissioner
United States Tax Court
Held: Sec. 1.1302-3(b), Income Tax Regs., providing that for purposes of the averaging computation "base period income" may never be less than zero, is valid. Petitioner's use of negative base period income rather than zero with respect to years during which net operating losses were sustained in computing his income tax liability was therefore improper.
1Opinion of the Court
OPINION
Fat, Judge:
Respondent lias determined a deficiency of $224.07 in the income taxes of petitioners for the taxable year 1967. The sole question presented is whether in computing “averagable income” within the meaning of sections 1301 through 1305 1 ¡base period income may be less than zero.
The facts of this case have been fully stipulated. The stipulation of facts and exhibits attached thereto are incorporated herein by this reference.
Petitioners, Fabian Tebon, Jr. (hereinafter referred to as petitioner) , and Alice Tebon, are husband and wife. They were residents of Luxemburg, Wis., at…
2Cases cited9 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Lucas v. American Code Co.Supreme Court of the United States · 1930
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
- Boske v. ComingoreSupreme Court of the United States · 1900
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3Cited by24 opinions
- Brown Group, Inc. v. Administrative Hearing CommissionSupreme Court of Missouri · 1983
- United Telecommunications, Inc. v. CommissionerUnited States Tax Court · 1975
- Unser v. CommissionerUnited States Tax Court · 1973
- Estate of Whitlock v. CommissionerUnited States Tax Court · 1972
- Kamborian v. CommissionerUnited States Tax Court · 1971
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