Young v. Commissioner
United States Tax Court
Petitioners incurred a net operating loss in 1976. Rather than first carrying such loss back to the 3 years preceding 1976 under the general rules of sec. 172(b)(1) and ( 2), I.R.C. 1954, petitioners carried the loss forward in its entirety to 1977. Held, petitioners did not make an effective election under sec. 172(b)(3)(E), I.R.C. 1954, to relinquish the entire carryback period with respect to their 1976 net operating loss; they may not carry such loss forward in its…
Read the full summary
Petitioners incurred a net operating loss in 1976. Rather than first carrying such loss back to the 3 years preceding 1976 under the general rules of sec. 172(b)(1) and ( 2), I.R.C. 1954, petitioners carried the loss forward in its entirety to 1977. Held, petitioners did not make an effective election under sec. 172(b)(3)(E), I.R.C. 1954, to relinquish the entire carryback period with respect to their 1976 net operating loss; they may not carry such loss forward in its entirety to 1977.
1Opinion of the Court
Featherston, Judge:
Respondent determined a deficiency in the amount of $48,722.49 in petitioners’ Federal income tax for 1977. Petitioners allege that respondent’s determination is erroneous and they claim an overpayment of $23,191 in their income tax for the same year. The parties have stipulated that petitioners incurred a net operating loss in the amount of $223,964 for 1976. The only issue for decision is whether petitioners made an effective election, as required by section 172(b)(3)(E),1 to relinquish the entire carryback period with respect to their 1976 net operating loss, which would…
2Cases cited6 opinions
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Knight-Ridder Newspapers, Inc. v. United StatesCourt of Appeals for the Eleventh Circuit · 1984
- Sperapani v. CommissionerUnited States Tax Court · 1964
- Tipps v. CommissionerUnited States Tax Court · 1980
- Alfred N. Hoffman and Deli Hoffman v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Reba Martin, Inc.Court of Appeals for the Fifth Circuit · 1968
1 more not listed; retrieve them via the Exa API.
3Cited by37 opinions
- John H. Young and Carolyn J. Young v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
- Atlantic Veneer Corp. v. CommissionerUnited States Tax Court · 1985
- Estate of Higgins v. CommissionerUnited States Tax Court · 1988
- Estate of John T. Higgins, Deceased Manufacturers National Bank of Detroit, Personal Representative v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1990
- Branum v. CommissionerCourt of Appeals for the Fifth Circuit · 1994
32 more not listed; retrieve them via the Exa API.