Plumb v. Commissioner
United States Tax Court
Ts sustained net operating losses (NOLs) and alternative minimum tax NOLs in 1984 and 1985. In each of their tax returns for those years, they stated "Taxpayers elect to forego [sic] the carryback period for the regular NOL in accordance with sec. 172(b)(3)(C) and will carry forward this NOL."
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Ts sustained net operating losses (NOLs) and alternative minimum tax NOLs in 1984 and 1985. In each of their tax returns for those years, they stated "Taxpayers elect to forego [sic] the carryback period for the regular NOL in accordance with sec. 172(b)(3)(C) and will carry forward this NOL." Ts filed applications for the tentative refunds resulting from the carryback of their alternative minimum tax NOLs from 1984 and 1985 to 1983. Ts did not seek any refunds relating to the carryback of the regular NOLs they sustained in 1984 and 1985. Held, the regular and alternative tax net operating…
1Opinion of the Court
OPINION
RAUM, Judge:
The Commissioner determined a deficiency in petitioners’ income tax for their 1983 taxable year in the amount of $311,657. At the time petitioners filed the petition herein, they resided in Houston, Texas. This case was submitted on a stipulation of facts and exhibits. Petitioners attempted in their 1984 and 1985 returns to make an election under section 172(b)(3)(C) (now 172(b)(3)) of the Code1 to relinquish the carryback period for only the regular net operating losses sustained in those years. The deficiency rests upon the Commissioner’s refusal to permit petitioners to…
2Cases cited8 opinions
- Peter Mamula and Dorothy R. Mamula v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1965
- John H. Young and Carolyn J. Young v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
- Young v. CommissionerUnited States Tax Court · 1984
- Mamula v. CommissionerUnited States Tax Court · 1964
- Silver Queen Motel v. CommissionerUnited States Tax Court · 1971
3 more not listed; retrieve them via the Exa API.
3Cited by19 opinions
- Branum v. CommissionerCourt of Appeals for the Fifth Circuit · 1994
- Powers v. CommissionerCourt of Appeals for the Fifth Circuit · 1995
- Powers v. C.I.R.Court of Appeals for the Fifth Circuit · 1995
- Powers v. CommissionerUnited States Tax Court · 1993
- Miller v. CommissionerUnited States Tax Court · 1995
14 more not listed; retrieve them via the Exa API.