-10-
1983 was exceeded by its allowable deductions for that year.
Furthermore, argues petitioner, the fact that petitioner's 1983
taxable year is a closed year, i.e., a year for which neither a
deficiency may be assessed nor a refund allowed because of the
expiration of the limitations period under sections 6501 and
6511, does not preclude a determination that a net operating loss
was sustained in 1983 which may be carried forward to subsequent
years.
As the alleged net operating loss in taxable year 1983
results in part from payments made to the FPCF and in part from
petitioner's failure to accurately report the sale price for the
sale of its assets, we find that there exists a dispute as to
material facts as to whether a net operating loss was in fact
sustained in taxable year 1983. Moreover, there remains a
dispute as to whether the sale price of $6,318,000 grossly
understated the true fair market value of assets sold by
petitioner. Accordingly, we find that petitioner has failed to
meet its burden of proof and is not entitled to a judgment as a
matter of law with respect to the alleged 1983 net operating
loss.
To reflect the foregoing,
An appropriate order
will be issued denying
petitioner's motion for
partial summary judgment.
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