Central Pa. Sav. Ass'n v. Commissioner
United States Tax Court
During the taxable years at issue, P deducted additions to its bad debt reserve utilizing the percentage of taxable income method set forth in sec. 593(b)(2)(A), I.R.C.
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During the taxable years at issue, P deducted additions to its bad debt reserve utilizing the percentage of taxable income method set forth in sec. 593(b)(2)(A), I.R.C. In its calculations of taxable income for this purpose, P did not take into account net operating losses (NOL's) as provided in sec. 1.593-6A(b)(5)(vi) and (vii), Income Tax Regs.Held: Upon reconsideration, we no longer adhere to our prior holdings that such regulation is invalid; P must take NOL's into account in computing its taxable income under sec. 593(b)(2)(A), I.R.C., as required by such regulation. Georgia Federal Bank…
1ConcurrenceBeghe, J.
The writer joined this Court in time to join the majority and concurring opinions in Georgia Fed. Bank v. Commissioner, 98 T.C. 105, 119 (1992) (Court reviewed), vacated and remanded by agreement of the parties (11th Cir., July 12, 1994). More recently, however, the writer chided his colleagues for continuing to swim against the tide, Estate of Hubert v. Commissioner, 101 T.C. 314, 351 (1993) (Beghe, J., concurring in part and dissenting in part), and for invalidating a legislative regulation that four other Judges of this Court found not “‘arbitrary, capricious or manifestly contrary to the…
2Cases cited8 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Securities & Exchange Commission v. Chenery Corp.Supreme Court of the United States · 1943
- Peoples Federal Savings and Loan Association of Sidney v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1992
- Estate of Hubert v. CommissionerUnited States Tax Court · 1993
- Thomas R. Harberson and Bill Talley v. National Labor Relations Board, and Hilton Hotels Corporation, D/B/A the Denver Hilton Hotel, IntervenorCourt of Appeals for the Tenth Circuit · 1987
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