Mutual Assurance Society of Virginia Corporation v. Commissioner of Internal Revenue

The result reached in the majority opinion is contrary to what I regard as the clear Congressional intent in enacting the “loss carry-back” and “loss carry-forward” tax statutes. I am convinced that the correct construction of such statutes was reached in Chartier Real Estate Co. v. Commissioner, 52 T.C. 346 (1969), aff’d, per curiam 428 F.2d 474 (1 Cir. 1970); Foster Lumber Co. v. United States, 500 F.2d 1230 (8 Cir. 1974); Olympic Foundry Co. v. United States, 493 F.2d 1247 (9 Cir. 1974).

I may add that the very acquiescence of the Congress in the construction of these statutes, as set forth…