Holden v. Commissioner
United States Tax Court
When Ps originally filed their 1980 tax return, they were not liable for alternative minimum tax. In 1983, Ps sustained a net operating loss which they carried back as a deduction under sec. 172(a), I.R.C., to 1980. Ps argue that they should not be required to recalculate their alternative minimum tax for 1980 to take into account the net operating loss carryback from 1983. Held, Ps must take into account the net operating loss deduction in recomputing their alternative…
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When Ps originally filed their 1980 tax return, they were not liable for alternative minimum tax. In 1983, Ps sustained a net operating loss which they carried back as a deduction under sec. 172(a), I.R.C., to 1980. Ps argue that they should not be required to recalculate their alternative minimum tax for 1980 to take into account the net operating loss carryback from 1983. Held, Ps must take into account the net operating loss deduction in recomputing their alternative minimum tax liability for 1980.
1Opinion of the Court
OPINION
NlMS, Chief Judge:
Respondent determined a deficiency in petitioners' Federal income tax for 1980 in the amount of $706,133. The sole issue for decision is whether petitioners must recompute their alternative minimum tax (AMT) to take into account a net operating loss (NOL) carryback to the year at issue. All section references are to the Internal Revenue Code in effect for the year at issue. All Rule references are to the Tax Court Rules of Practice and Procedure.
Background
This case was submitted fully stipulated. The stipulation of facts and attached exhibits are incorporated herein…
2Cases cited1 opinion
- Samuel Okin v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1987
3Cited by5 opinions
- Lenz v. CommissionerUnited States Tax Court · 1993
- BranumUnited States Tax Court · 1993
- Holden v. CommissionerUnited States Tax Court · 1992
- Lenz v. CommissionerUnited States Tax Court · 1993
- Sobol v. CommissionerUnited States Tax Court · 1995