Benton v. Comm'r
United States Tax Court
P's ch. 11 bankruptcy commenced in 1995, and he was discharged upon the confirmation of his plan of reorganization during 1997. Effectively, at the time of confirmation, all of the estate's assets were transferred to a liquidating trust for the benefit of creditors. P had net operating losses (NOLs) that arose in years prior to the bankruptcy commencement. P's bankruptcy estate also incurred tax losses. The bankruptcy estate succeeded to P's precommencement NOLs.
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P's ch. 11 bankruptcy commenced in 1995, and he was discharged upon the confirmation of his plan of reorganization during 1997. Effectively, at the time of confirmation, all of the estate's assets were transferred to a liquidating trust for the benefit of creditors. P had net operating losses (NOLs) that arose in years prior to the bankruptcy commencement. P's bankruptcy estate also incurred tax losses. The bankruptcy estate succeeded to P's precommencement NOLs. Under sec. 1398(i), I.R.C., P would succeed to the tax attributes (NOLs) of the bankruptcy estate, upon its termination. P contends…
1Opinion of the Court
OPINION
Gerber, Judge:
Respondent determined deficiencies in petitioner’s Federal income taxes, an addition to tax, and penalties for the short taxable year of February 23 through December 31, 1995, and the taxable years 1996 and 1997, as follows:
Year Deficiency Addition to tax sec. 6651(a)(1) Accuracy-related penalty sec. 6662
19951 $75,771 --- $15,154
1996 240,565 - - - 48,113
1997 249,337 $57,967 46,374
This matter is before the Court on respondent’s motion for partial summary judgment. See Rule 121.1 The issues presented for our consideration are: (1) Whether petitioner succeeded to the tax…
2Cases cited16 opinions
- Pioneer Investment Services Co. v. Brunswick Associates Ltd. PartnershipSupreme Court of the United States · 1993
- Florida Peach Corp. v. CommissionerUnited States Tax Court · 1988
- Dahlstrom v. CommissionerUnited States Tax Court · 1985
- Bond v. CommissionerUnited States Tax Court · 1993
- Cusano v. KleinCourt of Appeals for the Ninth Circuit · 2001
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3Cited by8 opinions
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- Benton v. Comm'rUnited States Tax Court · 2004
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