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We hold that the period applicable to the carrying forward
of petitioners' 1975-NOL expired on December 31, 1980, and was
not affected or suspended by petitioner's bankruptcy proceeding.
Petitioners argue that respondent should be equitably
estopped from asserting the bar of the 5-year period, as
applicable to 1975, on the carryforward of petitioner's 1975-NOL.
Petitioners' estoppel argument is based on alleged
misrepresentations made to petitioners by respondent's
representatives regarding whether the 15-year carryforward period
available under section 172, as amended in 1981, applied to
petitioner's 1975-NOL and on respondent’s failure to disallow
petitioners' claimed carryforward deductions relating to the
1975-NOL as claimed on petitioners' joint Federal income tax
returns for 11 years (namely, for 1978 through 1988).
Equitable estoppel against the Government is considered an
extraordinary remedy and is applied with the "utmost caution and
restraint". The Board of County Commrs. v. Isaac, 18 F.3d 1492,
1499 (10th Cir. 1994); Estate of Emerson v. Commissioner, 67 T.C.
612, 617 (1977).
Generally, equitable estoppel is unavailable against the
Government without a showing of at least the following elements
by the claimant: (1) The Government made false representations
with regard to material facts; (2) the claimant was ignorant of
the true facts; (3) the claimant reasonably relied on the
Government's misrepresentations; and (4) the claimant relied on
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