Bankamerica Corp. v. Commissioner
United States Tax Court
P had deficiencies in its Federal income tax for years 1 and 2. In year 3, P carried back an amount of investment tax credit to years 1 and 2, reducing the amount of its deficiencies. In year 6, a net operating loss arose which was carried back to year 3. The carryback of the year 6 loss displaced a year 3 foreign tax credit, which was then carried back to years 1 and 2, displacing the investment tax credit originally taken in those years.
Read the full summary
P had deficiencies in its Federal income tax for years 1 and 2. In year 3, P carried back an amount of investment tax credit to years 1 and 2, reducing the amount of its deficiencies. In year 6, a net operating loss arose which was carried back to year 3. The carryback of the year 6 loss displaced a year 3 foreign tax credit, which was then carried back to years 1 and 2, displacing the investment tax credit originally taken in those years. R computed interest under sec. 6601, I.R.C., from the end of year 3 to the due date of the return for year 6 on deficiency amounts for years 1 and 2,…
1Opinion of the Court
SUPPLEMENTAL OPINION
Tannenwald, Judge:
A decision was entered in this case on November 17, 1994, pursuant to a stipulated computation, in accordance with the opinion of the Court of Appeals for the Seventh Circuit in Continental. Ill. Corp. v. Commissioner, 998 F.2d 513 (7th Cir. 1993), cert. denied 510 U.S. 1041 (1994). On December 20, 1995, petitioner filed a timely motion under section 7481(c)1 and Rule 261 to redetermine interest for the 1977 and 1978 tax years, alleging that respondent has erroneously calculated such interest. The issue for decision is whether respondent has failed to…
2Cases cited24 opinions
- Hanover Bank v. CommissionerSupreme Court of the United States · 1962
- Callen v. Pennsylvania RailroadSupreme Court of the United States · 1948
- Manning v. Seeley Tube & Box Co.Supreme Court of the United States · 1950
- Ben Abatti and Margaret Abatti v. Commissioner of the Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1988
- Woods v. CommissionerUnited States Tax Court · 1989
19 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Elec. Arts, Inc. v. Comm'rUnited States Tax Court · 2002
- Sparkman v. CommissionerCourt of Appeals for the Ninth Circuit · 2007
- Med James, Inc. v. Comm'rUnited States Tax Court · 2003
- Intel Corp. & Consol. Subsidiaries v. CommissionerUnited States Tax Court · 1998
- Fleetboston Financial Corp. v. United StatesUnited States Court of Federal Claims · 2005
15 more not listed; retrieve them via the Exa API.