Lassiter v. Comm'r
United States Tax Court
H and W deducted net operating losses (NOL) on their joint Federal income tax return for 1994, the year in which H died. The NOLs, all of which were attributable to H's business activities, arose before and during H's bankruptcy proceeding under ch. 11 of the Bankruptcy Code. The bankruptcy proceeding terminated in 1994 after H's death. Pursuant to Fed. R. Bankr. 1016 the proceeding was continued and concluded after H's death as though he had not died.
Read the full summary
H and W deducted net operating losses (NOL) on their joint Federal income tax return for 1994, the year in which H died. The NOLs, all of which were attributable to H's business activities, arose before and during H's bankruptcy proceeding under ch. 11 of the Bankruptcy Code. The bankruptcy proceeding terminated in 1994 after H's death. Pursuant to Fed. R. Bankr. 1016 the proceeding was continued and concluded after H's death as though he had not died. Held : Secs. 172(b)(1) and 1398(i), I.R.C., permit the deduction of the NOLs on the joint return.
1Opinion of the Court
ANN M. LASSITER AND ESTATE OF HENRY A. LASSITER, DECEASED, ANN M. LASSITER, ADMINISTRATRIX, CTA, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Lassiter v. Comm'r
No. 7324-00
United States Tax Court
T.C. Memo 2002-25; 2002 Tax Ct. Memo LEXIS 26; 83 T.C.M. (CCH) 1139; T.C.M. (RIA) 54629;
January 25, 2002, Filed
Petitioners may use net operating losses from bankruptcy estate to calculate their 1994 joint federal income tax liability.
H and W deducted net operating losses (NOL) on their joint
Federal income tax return for 1994, the year in which H died.
The NOLs, all of which were…
2Cases cited12 opinions
- United States v. Ron Pair Enterprises, Inc.Supreme Court of the United States · 1989
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Lorillard v. PonsSupreme Court of the United States · 1978
- K Mart Corp. v. Cartier, Inc.Supreme Court of the United States · 1988
- Crandon v. United StatesSupreme Court of the United States · 1990
7 more not listed; retrieve them via the Exa API.