JEFFERSON SMURFIT CORPORATION, (U.S.) AND SUBSIDIARIES, PLAINTIFF—APPELLEE v. UNITED STATES OF AMERICA, DEFENDANT—APPELLANT

MURPHY, Circuit Judge.

Jefferson Smurfit Corporation (Smurfit) brought this refund action against the United States claiming that a deficiency assessment by the Internal Revenue Service (IRS) for tax year 1989 was barred by res judicata. In its 1989 tax returns Smurfit had claimed net operating losses which it sought to carry back to its 1987 tax year in order to obtain a refund for that year. During its examination of Smurfit’s 1989 returns, the IRS discovered that the amount which Smurfit sought to carry back had been miscalculated and issued reports notifying Smurfit of the resulting…