Sealy Corp. v. Commissioner
United States Tax Court
Ps had net operating losses for tax years 1989 to 1992 from deductible expenses they incurred to comply with various requirements of Federal law; i.e., the Internal Revenue Code, the 1934 Securities and Exchange Act, and the Employee Retirement Income Security Act of 1974. Net operating losses generally may be carried back 3 years. Sec. 172(b)(1)(A), I.R.C. However, specified liability losses may be carried back 10 years. Sec. 172(b)(1)(C), (f)(1)(B), I.R.C.
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Ps had net operating losses for tax years 1989 to 1992 from deductible expenses they incurred to comply with various requirements of Federal law; i.e., the Internal Revenue Code, the 1934 Securities and Exchange Act, and the Employee Retirement Income Security Act of 1974. Net operating losses generally may be carried back 3 years. Sec. 172(b)(1)(A), I.R.C. However, specified liability losses may be carried back 10 years. Sec. 172(b)(1)(C), (f)(1)(B), I.R.C. Ps treated their losses as specified liability losses and carried them back to their tax year ending Nov. 30, 1985. Held, Ps' regulatory…
1Opinion of the Court
OPINION
Colvin, Judge:
This case is before the Court on petitioners’ motions for partial summary judgment.
Respondent determined the following deficiencies in petitioners’ Federal income tax:
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Petitioners seek a partial summary judgment relating to their net operating loss carrybacks. They contend that $2,447,933 of expenses they incurred from 1989 to 1992 is specified liability losses under section 172(f)(1)(B) and thus may be carried back 10 years. This is the first case in which we, or, to the best of our knowledge, any court, has decided the scope of section 172(f)(1)(B). As…
2Cases cited8 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- United States v. AndersonSupreme Court of the United States · 1926
- Shiosaki v. CommissionerUnited States Tax Court · 1974
3 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
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- Intermet Corp. v. Comm'rUnited States Tax Court · 2001
- Intermet Corp. & Subsidiaries v. CommissionerUnited States Tax Court · 1998
- Major Paint Company, Standard Brands Paint Company, Standard Brands Liquidating Creditor Trust, and Standard Brands Paint Co. v. United StatesCourt of Appeals for the Federal Circuit · 2003
- Sealy Corporation, and Subsidiaries, F.K.A. The Ohio Mattress Company and Subsidiaries v. Commissioner of Internal Revenue, Sealy Corporation, and Subsidiaries, F.K.A. The Ohio Mattress Company and Subsidiaries v. Commissioner of Internal Revenue, Sealy Corporation, and Subsidiaries, F.K.A. The Ohio Mattress Company and Subsidiaries v. Commissioner of Internal Revenue, the Ohio Mattress Company Licensing and Components Group and Subsidiaries v. Commissioner of Internal Revenue, Sealy Corporation, and Subsidiaries, F.K.A. The Ohio Mattress Company and Subsidiaries v. Commissioner of Internal Revenue, Sealy Mattress Co., and Subsidiaries, F.K.A. Ohio-Sealy Mattress Manufacturing Company and Subsidiaries v. Commissioner of Internal Revenue, the Ohio Mattress Company Licensing and Components Group and Subsidiaries, F.K.A., Sealy, Incorporated and Subsidiaries v. Commissioner of Internal Revenue, Sealy Mattress Co., and Subsidiaries, F.K.A. Ohio-Sealy Mattress Manufacturing Co. And Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1999
9 more not listed; retrieve them via the Exa API.