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.
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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
Buckeye Countrymark, Inc., Successor to Fayette Landmark, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Buckeye Countrymark v. Commissioner
Docket No. 29412-87
United States Tax Court
103 T.C. 547; 1994 U.S. Tax Ct. LEXIS 78; 103 T.C. No. 32;
November 9, 1994, Filed
Decision will be entered for petitioner.
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…
2Cases cited35 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
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