Valdes v. Commissioner
United States Tax Court
Held, a claim on Form 843 for the refund of income taxes paid for 1964, which stated "We are claiming Cuban Casualty Losses, Revenue Act 1964," was not an election of the extended carryover provisions of sec. 172(b)(1)(D), I.R.C. 1954.
1Opinion of the Court
Featherston, Judge:
Respondent determined deficiencies in petitioners’ income taxes for 1966,1967, and 1968, and an addition to tax under section 6651 (a)1 for 1967, as follows:
Docket No. Year Deficiency Addition to tax (sec. 6651(a)) 4279-71. 1967 $3,485.59 $14.09 6659-71-..-. 1966 3,141.66 0 5672-72. 1968 5,390.81 0
The parties have stipulated that, in 1960, petitioners sustained a Cuban expropriation loss which resulted in an $80,806.60 net operating loss carryover after December 31,1965. The sole issue is whether petitioners made an election as required by section 172(b) (3) (C) (iii) to…
2Cases cited6 opinions
- Angelus Milling Co. v. CommissionerSupreme Court of the United States · 1945
- Sperapani v. CommissionerUnited States Tax Court · 1964
- Cary v. CommissionerUnited States Tax Court · 1963
- Ribas v. CommissionerUnited States Tax Court · 1970
- Indiana Rolling Mills Co. v. CommissionerUnited States Board of Tax Appeals · 1928
1 more not listed; retrieve them via the Exa API.
3Cited by44 opinions
- Knight-Ridder Newspapers, Inc. v. United StatesCourt of Appeals for the Eleventh Circuit · 1984
- Haft Trust v. CommissionerUnited States Tax Court · 1974
- Tipps v. CommissionerUnited States Tax Court · 1980
- Hosking v. CommissionerUnited States Tax Court · 1974
- John H. Young and Carolyn J. Young v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
39 more not listed; retrieve them via the Exa API.