- 9 - requiring a factual determination at the partner level. Accordingly, petitioner's reliance on Maxwell v. Commissioner is misplaced. Likewise, Harris v. Commissioner, supra, and Durrett v. Commissioner, supra, are not dispositive of the issue presented. In short, Harris v. Commissioner stands for the proposition that, in submitting computations for entry of decision pursuant to Rule 155 in a non-TEFRA proceeding, a taxpayer may include in the taxpayer's computations, NOL carrybacks arising from the settlement of TEFRA partnership proceedings relating to a later taxable year when the Commissioner does not otherwise challenge the amount of the claimed carryback.2 Notably, although Harris v. Commissioner, supra at 125, includes a citation to Maxwell v. Commissioner for the proposition that an NOL carryback is an affected item, and although we referred to the NOL carryback in question as a computational adjustment, Harris v. Commissioner, supra at 127, we were not required to (and again did not) definitively decide the proper characterization of the affected item. 2 Although we permitted the taxpayer in Harris v. Commissioner, 99 T.C. 121, 127-128 (1992), to include in his Rule 155 computation the NOL carryback arising from the settlement of TEFRA partnership proceedings, we declined to extend this ruling to potential carrybacks relating to separate TEFRA partnership proceedings that had not at the time been finally settled or otherwise decided at the partnership level.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011