- 11 -
(1985). Under these circumstances, the interest issue before us
in respect of 1977 is within our jurisdiction.11
There is also some question as to the exact nature of the
relief petitioner is requesting for 1978. The statute only
grants this Court jurisdiction to determine an overpayment of
interest on a deficiency. Petitioner alleges that respondent
has, on the whole, underassessed interest on the 1978 deficiency.
However, petitioner also contends that, as part of the interest
calculation which resulted in an underassessment with respect to
the 1978 tax year, respondent has overcharged interest on the
1978 deficiency during the period between its initial use of the
carryback of the 1979 ITC and the occurrence of the superseding
1982 NOL. Under these circumstances, we are satisfied that we
have jurisdiction to determine whether there has been an
overpayment of interest during the specific "interim" period.12
The three requirements of section 7481(c) having been
satisfied, we turn our attention to the basic question involved
herein, i.e., the extent to which the ITC for 1979, which was
omitted from the 1994 computation, should be taken into account
11 We note that respondent does not contest our
jurisdiction as to 1977.
12 In reaching this conclusion, we note respondent's
indication on brief that respondent will make any computational
adjustments that are a consequence of our decision, whether they
result in interest due to petitioner or respondent.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011