Legal Opinion
Shaltry v. United States (In Re Home America T v. Appliance-Audio, Inc.)
District Court, D. Arizona
Decided April 18, 1995No. CIV 94-990 PHX RCB, CIV 94-991 PHX RCB. Bankruptcy No. B-89-8322 PHX RTBPublishedCited by 1 opinion
1Opinion of the Court
BROOMFIELD, Chief Judge.
The United States appeals the bankruptcy court’s entries of judgment for the Trustee in two adversary proceedings. The court heard oral argument on April 10, 1995 and now rules.
I. FACTS AND PROCEDURAL BACKGROUND
This case is about net operating losses (“NOLs”). NOLs are created when a taxpayer’s deductible business expenses for a given year exceed its gross income for the year. 26 U.S.C. § 172(c). The Internal Revenue Code permits a taxpayer to carry the loss back to each of the three taxable years preceding the year the NOLs are sustained. Id. § 172(b)(1)(A), (b)(2).…
2Cases cited9 opinions
- In Re Prudential Lines Inc.Court of Appeals for the Second Circuit · 1991
- Carol H. Pulitzer-Polster v. Samuel C. PulitzerCourt of Appeals for the Fifth Circuit · 1986
- 11 Fair empl.prac.cas. 872, 10 Empl. Prac. Dec. P 10,504 Sandra Lee Kaplan v. International Alliance of Theatrical and Stage Employees and Motion Picture MacHine Operators of the United States and Canada, and Local 659, International Photographers of the Motion Picture IndustriesCourt of Appeals for the Ninth Circuit · 1975
- Ofelia Bakia and Mihai Bakia, as the Parents of Santiago Bakia, Per ca.c.c.p. § 376 v. County of Los Angeles of the State of CaliforniaCourt of Appeals for the Ninth Circuit · 1982
- United States v. Wyoming National Bank Of CasperCourt of Appeals for the Tenth Circuit · 1974
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3Cited by1 opinion
- Osherow v. Porras (In Re Porras)United States Bankruptcy Court, W.D. Texas · 2004