Gurney v. Tully

Staley, Jr., J.

(dissenting). In its determination, dated July 15, 1977, respondents found that petitioners were not entitled to net capital loss carry-over for the years in dispute, concluding that a carry-over was not permitted by section 612 (subd *306[a]) of the Tax Law. Respondents further found that for the years 1963, 1964 and 1965, petitioners reported gains on their Federal returns, and that no net capital loss carry-over was established for the period in question on petitioners’ Federal returns. Since no capital loss carry-overs were used in arriving at the Federal adjusted gross income…