Nielsen v. Commissioner
United States Tax Court
Petitioners filed 1978 and 1979 Forms 1040, U.S. Individual Income Tax Returns, prior to Jan. 1, 1982. After that date, petitioners filed 1978 and 1979 Forms 1040X, Amended U.S.
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Petitioners filed 1978 and 1979 Forms 1040, U.S. Individual Income Tax Returns, prior to Jan. 1, 1982. After that date, petitioners filed 1978 and 1979 Forms 1040X, Amended U.S. Individual Income Tax Returns, to claim refunds because of carrybacks of investment tax credits claimed in 1981 and 1982. Respondent seeks additions to tax for years 1978 and 1979 under sec. 6659, I.R.C. 1954, as amended, based on underpayments of tax for those years attributable to valuation overstatements associated with the investment tax credits. Sec. 6659 applies to returns filed after Dec. 31, 1981. Sec.…
1Opinion of the Court
OPINION
COHEN, Judge:
This case is before the Court on petitioners’ motion for partial summary judgment. The issue presented is whether section 66591 is applicable to underpayments for taxable years for which returns were filed prior to January 1, 1982, where such underpayments result from disallowance of carrybacks from taxable years for which returns were filed after December 31, 1981.
The material facts respecting this issue are not in dispute. Petitioners filed Federal income tax returns for 1978 and 1979 prior to January 1, 1982. In April of 1982, petitioners filed amended Federal income…
2Cases cited1 opinion
- Herman Bennett Co. v. CommissionerUnited States Tax Court · 1975
3Cited by44 opinions
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- Bailey v. CommissionerUnited States Tax Court · 1988
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