Williams v. Comm'r
United States Tax Court
P filed for bankruptcy on Dec. 3, 1990, at which time he owned all of the shares of two S corporations. Both S corporations sustained operating losses for 1990. P reported the pro rata portion of the 1990 losses attributable to the prebankruptcy period on his individual tax return for 1990, resulting in a net operating loss, which he carried forward through 2000. P was discharged in bankruptcy in 1997. R disallowed the losses and issued notices of deficiency for 1996- 2000.…
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P filed for bankruptcy on Dec. 3, 1990, at which time he owned all of the shares of two S corporations. Both S corporations sustained operating losses for 1990. P reported the pro rata portion of the 1990 losses attributable to the prebankruptcy period on his individual tax return for 1990, resulting in a net operating loss, which he carried forward through 2000. P was discharged in bankruptcy in 1997. R disallowed the losses and issued notices of deficiency for 1996- 2000. 1. Held: Where P, an individual S corporation shareholder, filed for bankruptcy before the corporation's yearend,…
1Opinion of the Court
Kroupa, Judge:
Respondent determined deficiencies in petitioner’s income taxes for the years 1996 through 2000 resulting from operating losses sustained by two S corporations in 1990 that petitioner reported on his individual tax return in 1990, the year in which petitioner filed for bankruptcy, and carried forward through 2000.1 Respondent also determined that petitioner is liable for the accuracy-related penalty under section 6662(a) for each year at issue.
The three issues for decision are:(1) Whether petitioner or his individual bankruptcy estate (Estate) is entitled to report operating…
2Cases cited2 opinions
- HIGBEE v. COMMISSIONER OF INTERNAL REVENUEUnited States Tax Court · 2001
- Hitchins v. CommissionerUnited States Tax Court · 1994
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- Webber v. CommissionerUnited States Tax Court · 2015
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