Herman Bennett Co. v. Commissioner
United States Tax Court
Petitioner incurred a net operating loss in 1969 and claimed a carryback adjustment to 1966. The tentative allowance of the 1966 adjustment released a previously allowed investment credit. An erroneous refund for 1963, based on a carryback of the released investment credit, was issued to petitioner.
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Petitioner incurred a net operating loss in 1969 and claimed a carryback adjustment to 1966. The tentative allowance of the 1966 adjustment released a previously allowed investment credit. An erroneous refund for 1963, based on a carryback of the released investment credit, was issued to petitioner. A notice of deficiency was then mailed to petitioner within the 3-year limitation period prescribed by sec. 6501(a), I.R.C. 1954, for 1969. Held: Under sec. 6501(j), I.R.C. 1954, the notice of deficiency for 1963 was timely. The carryback to 1963 was "attributable to" the tentative allowance of…
1Opinion of the Court
OPINION .
Featherston, Judge:
Respondent determined a deficiency of $6,160.98 in petitioner’s Federal income tax for 1963. The issue for decision is whether the period of limitations for the assessment of a deficiency in petitioner’s income tax for 1963 had expired prior to June 11, 1974, the date on which a notice of deficiency was mailed to petitioner. The answer depends upon whether, within the meaning of section dSOlCj),1 the determined deficiency for 1963 was “attributable to” a net operating loss which was incurred in 1969 and carried back to 1966.
The facts are all stipulated.
At the time…
2Cases cited5 opinions
- Polachek v. CommissionerUnited States Tax Court · 1954
- Leuthesser v. CommissionerUnited States Tax Court · 1952
- Neri v. CommissionerUnited States Tax Court · 1970
- Bouchey v. CommissionerUnited States Tax Court · 1953
- Krieger v. CommissionerUnited States Tax Court · 1975
3Cited by16 opinions
- Pesch v. CommissionerUnited States Tax Court · 1982
- Nielsen v. CommissionerUnited States Tax Court · 1986
- First Chicago Corporation v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1984
- Friedman v. CommissionerUnited States Tax Court · 1991
- First Chicago Corp. v. CommissionerUnited States Tax Court · 1983
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