Calumet Industries, Inc. v. Commissioner
United States Tax Court
P carried back 1981 and 1980 NOL deductions to 1979. The assessment period for 1981 expired on June 30, 1985. The assessment period for 1979 was extended by agreement to June 30, 1987. On Nov. 26, 1986, R mailed P a statutory notice of deficiency in which he determined a deficiency in P's 1979 taxable year. A portion of the 1979 deficiency determination is attributable to R's adjustment of the 1981 NOL deduction.
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P carried back 1981 and 1980 NOL deductions to 1979. The assessment period for 1981 expired on June 30, 1985. The assessment period for 1979 was extended by agreement to June 30, 1987. On Nov. 26, 1986, R mailed P a statutory notice of deficiency in which he determined a deficiency in P's 1979 taxable year. A portion of the 1979 deficiency determination is attributable to R's adjustment of the 1981 NOL deduction. R disallowed the accrual and deduction in 1981 (and 1980) of certain rent-related expenses. Separately, R disallowed a 1980 bad debt deduction. Relying on sec. 6501(h), P argues that…
1Opinion of the Court
GERBER, Judge:
Respondent, in a statutory notice of deficiency dated November 26, 1986, determined income tax deficiencies for petitioners’ 1976 and 1979 taxable years in the respective amounts of $24,461 and $141,451.20. The deficiencies concern the carryback of 1980 and 1981 net operating losses (NOL’s) that resulted from deductions that have now been disallowed by respondent. After concessions, the issues remaining for our consideration are as follows: (1) Whether respondent is barred from assessing a deficiency attributable to an NOL carryback adjustment where the assessment period for the…
2Cases cited29 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Badaracco v. CommissionerSupreme Court of the United States · 1984
- E. I. Dupont De Nemours & Co. v. DavisSupreme Court of the United States · 1924
- Stange v. United StatesSupreme Court of the United States · 1931
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
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