- 7 -
The schedule below reflects the amount of the carryforward
deductions relating to the $1,517,999 1975-NOL that petitioners
claimed on their original and amended joint Federal income tax
returns for 1976 through 1991. As indicated in the schedule,
petitioners did not attempt to carry back the 1975-NOL to any of
the 3 years prior to 1975.
Amount of Claimed 1975-NOL Carryforward
Petitioners' Petitioners'
Year Original Returns Amended Returns
1972 --- ---
1973 --- ---
1974 --- ---
1975 --- ---
1976 --- ---
1977 --- ---
1978 --- $35,008
1979 --- 33,203
1980 --- 45,891
1981 --- 18,623
1982 $ 47,307 ---
1983 73,590 ---
1984 92,116 ---
1985 102,592 ---
1986 110,043 ---
1987 88,967 ---
1988 104,638 ---
1989 104,700 ---
1990 98,604 ---
1991 30,848 ---
On their 1989 joint Federal income tax return, petitioners
claimed $7,414 in car and truck expenses associated with
petitioner's farm and grain distributorship.
Respondent apparently allowed petitioners' carryforward
deductions as claimed on petitioners' amended returns for 1978
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011