Flora v. Commissioner
United States Tax Court
In Walter Wilson Flora, T.C. Memo. 1965-64, this Court held that petitioner was not entitled to an operating loss deduction based on a carryover of alleged operating losses incurred in 1954 and 1956 because petitioner had failed to prove that he had incurred operating losses in 1954 and 1956, the amounts thereof, if any, or the amounts thereof required by law to be applied against and absorbed by income for years preceding 1958. Held, petitioner's claim of a net operating…
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In Walter Wilson Flora, T.C. Memo. 1965-64, this Court held that petitioner was not entitled to an operating loss deduction based on a carryover of alleged operating losses incurred in 1954 and 1956 because petitioner had failed to prove that he had incurred operating losses in 1954 and 1956, the amounts thereof, if any, or the amounts thereof required by law to be applied against and absorbed by income for years preceding 1958. Held, petitioner's claim of a net operating loss deduction for 1959 based on a carryover of alleged operating losses from 1954 and 1956 is barred by the doctrine of…
1Opinion of the Court
OPINION
Deennen, Jitdge:
Respondent determined deficiencies in petitioner’s income tax for the year 1959, and additions to tax under section 6658 (a), I.R.C. 1954, in the amounts of $72,968.17 and $3,648.41, respectively. In his notice of deficiency issued to petitioner, dated March 11, 1963, respondent determined that petitioner was not entitled to a deduction in the amount of $124,503.25 claimed on his return for 1959 as a net operating loss deduction because petitioner had “failed to establish that any deduction is allowable.” This was the only adjustment in petitioner’s taxable income made…
2Cases cited7 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Southern Pacific Railroad v. United StatesSupreme Court of the United States · 1897
- Tait v. Western Maryland Railway Co.Supreme Court of the United States · 1933
- Egan v. CommissionerUnited States Tax Court · 1957
- Estate of Henry G. Egan, Transferee, Northwestern National Bank v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1958
2 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- W. W. Windle Company v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1977
- Jefferson v. CommissionerUnited States Tax Court · 1968
- Gustafson v. CommissionerUnited States Tax Court · 1991
- Bernuth v. CommissionerUnited States Tax Court · 1971
- Gammill v. CommissionerUnited States Tax Court · 1974
8 more not listed; retrieve them via the Exa API.