Georgia Fed. Bank, F.S.B. v. Commissioner
United States Tax Court
From 1970 through 1982, P deducted additions to its bad debt reserve. The amounts deducted were calculated with reference to P's taxable income for each year. From 1980 through 1984, P sustained net operating losses (NOL's). Held, subdivisions (vi) and (vii) of sec. 1.593-6A(b)(5), Income Tax Regs. are invalid to the extent they require that taxable income reflect any NOL carrybacks before the addition to bad debt reserve is calculated for certain financial institutions.
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From 1970 through 1982, P deducted additions to its bad debt reserve. The amounts deducted were calculated with reference to P's taxable income for each year. From 1980 through 1984, P sustained net operating losses (NOL's). Held, subdivisions (vi) and (vii) of sec. 1.593-6A(b)(5), Income Tax Regs. are invalid to the extent they require that taxable income reflect any NOL carrybacks before the addition to bad debt reserve is calculated for certain financial institutions. Pacific First Federal Savings Bank v. Commissioner,94 T.C. 101 (1990), on appeal (9th Cir., Feb. 8, 1991), followed.…
1Opinion of the Court
Georgia Federal Bank, F.S.B. and Subsidiaries, Petitioner v. Commissioner of Internal Revenue, Respondent
Georgia Fed. Bank, F.S.B. v. Commissioner
Docket No. 26870-90
United States Tax Court
98 T.C. 105; 1992 U.S. Tax Ct. LEXIS 12; 98 T.C. No. 9;
February 4, 1992, Filed
An appropriate order will be issued, and decision will be entered for petitioner.
From 1970 through 1982, P deducted additions to its bad debt reserve. The amounts deducted were calculated with reference to P's taxable income for each year. From 1980 through 1984, P sustained net operating losses (NOL's). Held, subdivisions (vi) and…
Also in this document: Concurrence · Whalen; Concurrence · Halpern; Dissent.
2Cases cited37 opinions
- Chevron U. S. A. Inc. v. Natural Resources Defense Council, Inc.Supreme Court of the United States · 1984
- Motor Vehicle Mfrs. Assn. of United States, Inc. v. State Farm Mut. Automobile Ins. Co.Supreme Court of the United States · 1983
- Citizens to Preserve Overton Park, Inc. v. VolpeSupreme Court of the United States · 1971
- Immigration & Naturalization Service v. Cardoza-FonsecaSupreme Court of the United States · 1987
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
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