First Chicago Corp. v. Commissioner
United States Tax Court
A capital loss carryback and an investment credit carryback, both from 1974, were properly allowed with respect to petitioner's taxable year 1971. Respondent subsequently determined a deficiency in petitioner's minimum tax for 1972 on the basis that a sec. 56(c), I.R.C. 1954, "tax carryover" from 1971, which had previously been used by petitioner in computing its 1972 minimum tax, should be reduced on account of the decrease in its income tax for 1971 resulting from the…
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A capital loss carryback and an investment credit carryback, both from 1974, were properly allowed with respect to petitioner's taxable year 1971. Respondent subsequently determined a deficiency in petitioner's minimum tax for 1972 on the basis that a sec. 56(c), I.R.C. 1954, "tax carryover" from 1971, which had previously been used by petitioner in computing its 1972 minimum tax, should be reduced on account of the decrease in its income tax for 1971 resulting from the carrybacks. The statutory notice of deficiency was issued more than 3 years after the return for 1972 had been filed.…
1Dissent
Whitaker, J,
dissenting: I respectfully dissent. The perspective with which one views the facts is particularly important in this case since in the final analysis we are called upon to determine the standard imposed by Congress on the right of the Commissioner to issue a deficiency notice in rather unique circumstances. We must interpret a post-World War II tax act, the Tax Adjustment Act of 1945 (Pub. L. 172, ch. 340, 59 Stat. 521) which was remedial in nature.1 As the report of the Committee on Ways and Means describes it, the purpose of the legislation was to facilitate reconversion from…
2Cases cited9 opinions
- Leuthesser v. CommissionerUnited States Tax Court · 1952
- Warrensburg Bd. & Paper Corp. v. CommissionerUnited States Tax Court · 1981
- Bouchey v. CommissionerUnited States Tax Court · 1953
- American Community Builders, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1962
- Herman Bennett Co. v. CommissionerUnited States Tax Court · 1975
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