Metro One Telecommunications, Inc. v. Commissioner

OPINION

N.R. SMITH, Circuit Judge:

Between 2002 and 2009, § 56 of the Internal Revenue Code 1 provided tax relief by permitting taxpayers subject to the Alternative Minimum Tax (AMT) to offset up to 100% of their taxable income with net operating losses (NOLs). 2 To qualify for this relief, NOLs had to be (1) “carryovers to” the 2001 or 2002 tax years, or (2) “carried back from” the 2001 or 2002 years to a prior tax year. The plain meaning of the term “carryovers” prevents taxpayers from using NOLs that are carried back to 2001 or to 2002 from a later tax year to take advantage of the Relief…