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alternatives. See, e.g., Estate of Fusz v. Commissioner 46 T.C.
214, 215 n.2 (1966).
We hold for respondent on this issue.
(d) 1980
It is clear that our determinations eliminate any possible
claim of Kenmore net operating loss carrybacks from its fiscal
1981 or fiscal 1982. Supra tables 1, 3, and 4. Respondent does
not dispute Kenmore’s claimed investment credits for fiscal 1981
or fiscal 1982; in fact respondent increases Kenmore’s claimed
fiscal 1982 investment credit by $1,896.50. Neither of these
allowed investment credits is great enough to generate an
investment credit carryback to fiscal 1980. Thus, Kenmore has a
$2,972 deficiency for fiscal 1980, generated entirely by the
elimination of the claimed carryback from fiscal 1981. Supra
note 7. We have so found.
We hold for respondent on this issue.
(e) Summary
We conclude, and we have found, that respondent has proven
by clear and convincing evidence that Kenmore had an underpayment
of tax for each of the years in issue.
We hold for respondent on this issue.
(2) Fraudulent Intent
Respondent contends as follows: (1) Kenmore’s failure to
keep or furnish adequate books and records is a strong indicium
of fraud; (2) Kenmore’s failure to report substantial amounts of
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