John and Louisa A. Hodel - Page 14

               Respondent concedes that petitioners incurred NOL's of                 
          $11,281 in 1989 and of $7,401 in 1990, and that the NOL's may be            
          carried back to reduce income in 1986 and 1987, respectively.               
          Respondent also concedes that petitioners are entitled to a                 
          refund of the resulting 1987 overpayment and informed this Court            
          that a refund check has been issued to petitioners.  Respondent             
          argues, however, that petitioners' claim for a refund of the 1986           
          overpayment is barred under section 6511(d)(2)(A).                          
               Section 6511(a) provides generally that a claim for credit             
          or refund of an overpayment of any tax as to which the taxpayer             
          is required to file a return shall be filed within 3 years from             
          the time the return was filed, or 2 years from the time the tax             
          was paid, whichever expires the later.  Section 6511(d)(2)(A)               
          provides a special period of limitations for claims for credit or           
          refund with respect to NOL carrybacks.  Under this section, a               
          taxpayer must file a refund claim within 3 years "after the time            
          prescribed by law for filing the return (including extensions               
          thereof) for the taxable year of the net operating loss" which              
          results in the carryback (and claim for refund).                            
               The NOL at issue was incurred during petitioners' 1989                 
          taxable year.  Petitioners' 1989 return was due August 15, 1990,            
          at which time the period of limitations began to run for any                

          Fla. 1994), affd. without published opinion 62 F.3d 400 (11th               
          Cir. 1995).                                                                 

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