Buckeye Countrymark v. Commissioner
United States Tax Court
P, a nonexempt cooperative subject to subch. T, I.R.C., realized a loss in 1980 from transactions with its shareholders and treated the loss as a net operating loss carryback to 1977 pursuant to sec. 172(b)(1)(A), I.R.C. R determined that P is a "membership organization" under sec. 277, I.R.C., and further determined that the subject loss cannot be carried back as a net operating loss but can only be carried over and deducted in subsequent years.
Read the full summary
P, a nonexempt cooperative subject to subch. T, I.R.C., realized a loss in 1980 from transactions with its shareholders and treated the loss as a net operating loss carryback to 1977 pursuant to sec. 172(b)(1)(A), I.R.C. R determined that P is a "membership organization" under sec. 277, I.R.C., and further determined that the subject loss cannot be carried back as a net operating loss but can only be carried over and deducted in subsequent years. Held, inasmuch as P is a nonexempt cooperative subject to subch. T, it cannot be a "membership organization" within the meaning of sec. 277(a),…
1Opinion of the Court
Whalen, Judge:
Respondent determined a deficiency of $26,272 in the Federal income tax of Fayette Landmark, Inc., for its fiscal year ending August 31, 1977. The sole issue for decision is whether section 277 applies to Fayette, a nonexempt cooperative subject to the provisions of sub-chapter T of the Internal Revenue Code (sections 1381-1388), and prohibits it from carrying back to fiscal year 1977 losses realized during fiscal year 1980 from transactions with its stockholders. (Unless otherwise indicated, all section references are to the Internal Revenue Code as amended.)
FINDINGS OF FACT
Some…
2Cases cited34 opinions
- United States v. American Trucking AssociationsSupreme Court of the United States · 1940
- Commissioner v. BrownSupreme Court of the United States · 1965
- United States v. BarnesSupreme Court of the United States · 1912
- Fehlhaber v. CommissionerUnited States Tax Court · 1990
- Farmers Cooperative Co. v. BirminghamDistrict Court, N.D. Iowa · 1949
29 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- Affiliated Foods, Inc. v. Comm'rUnited States Tax Court · 2007
- Affiliated Foods, Inc. v. CommissionerCourt of Appeals for the Fifth Circuit · 1998
- Gold Kist v. CommissionerUnited States Tax Court · 1995
- Texas Medical Ass'n Insurance Trust v. United StatesDistrict Court, W.D. Texas · 2005
- Glenwood Cooperative, Inc. v. United StatesCourt of Appeals for the Federal Circuit · 1996
10 more not listed; retrieve them via the Exa API.