Bolten v. Commissioner
United States Tax Court
Petitioners had a $ 781,927 net operating loss (NOL) in 1976. Pursuant to section 172 of the Internal Revenue Code, they carried it back as required and then carried it forward to the years 1977, 1978, and 1979. The amount of the 1976 NOL remaining after the deductions thus taken through 1979 was sufficient to support the NOL deduction of $ 460,382 which they took for 1980 and the final NOL deduction of $ 8,599 which they took for 1981. In 1988, when the period of…
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Petitioners had a $ 781,927 net operating loss (NOL) in 1976. Pursuant to section 172 of the Internal Revenue Code, they carried it back as required and then carried it forward to the years 1977, 1978, and 1979. The amount of the 1976 NOL remaining after the deductions thus taken through 1979 was sufficient to support the NOL deduction of $ 460,382 which they took for 1980 and the final NOL deduction of $ 8,599 which they took for 1981. In 1988, when the period of limitations for assessment of deficiencies as extended for 1980 had already expired, they entered into a closing agreement under…
1Opinion of the Court
OPINION
RAUM, Judge:
The Commissioner determined a $108,900 deficiency in income tax for 1980 against petitioners, husband and wife. They resided in West Germany at the time the petition herein was filed. At issue is whether the mitigation provisions of sections 1311-13141 are applicable to lift the bar of the statute of limitations against assessment which had otherwise expired.2 The facts have been stipulated.
Petitioners discovered a $904,900 embezzlement loss in 1976 which they claimed as a deduction on their return for that year. They thus incurred a $781,927 net operating loss (NOL) which,…
2Cases cited19 opinions
- Sheila M. Jackson v. Paul A. KellyCourt of Appeals for the Tenth Circuit · 1977
- United States v. Harold Lawrence BlasiusCourt of Appeals for the Second Circuit · 1968
- United States v. Dubuque Packing Company, a Corporation, Dubuque Packing Company, a Corporation v. United StatesCourt of Appeals for the Eighth Circuit · 1956
- United States v. Foster Lumber Co.Supreme Court of the United States · 1976
- Yagoda v. CommissionerUnited States Tax Court · 1962
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3Cited by4 opinions
- Fruit of the Loom v. CommissionerUnited States Tax Court · 1994
- Bolten v. CommissionerUnited States Tax Court · 1990
- Fong v. CommissionerUnited States Tax Court · 1998
- Vaughn v. CommissionerUnited States Tax Court · 1991