Meyers v. United States

OPINION

FUTEY, Judge.

This tax refund case is before the court after a trial on the merits held June 2, 1992.1 Plaintiffs, Ann and Joseph Meyers (Meyers),2 are seeking a refund of $13,-520.00 and $25,976.44 for the taxable years 1976 and 1977, respectively. The basis for their refund request stems from a $402,-*1005099.00 net operating loss (NOL) claimed on plaintiffs’ 1978 taxes which plaintiffs, in part, carried back to 1976 and 1977 to offset taxes in those years. The Internal Revenue Service (I.R.S.) subsequently disallowed $400,172.00 of the deduction allegedly spent on mining development…