- 41 - Respondent concedes that Laney suffered a capital loss that, under section 165(f), could be deducted and carried over within the limits of sections 1211 and 1212. Respondent further concedes that “the amount of loss available for carryforward as of 1986 is $90,578.21". Petitioners have not reported any capital gains or losses for 1986, 1987, or 1988. Under section 1211(b)(1), petitioners are entitled to deduct against ordinary income up to $3,000 of this capital loss carryover for each of the years before the Court. It is evident that respondent’s concession exceeds the maximum amount that petitioners could deduct for the entire period before us. Accordingly, even if we were to conclude that petitioners are entitled to carry over a greater amount of loss than respondent has conceded, any such conclusion could not result in any greater deduction by petitioners for any of the years in issue, and so any such conclusion could not affect the decision to be entered in the instant case. As a result, we decline to determine in the instant case whether petitioners are entitled to a greater capital loss carryover than respondent has conceded. Chevron Corp. v. 14(...continued) explanations of only a small portion of his 1,300-plus exhibits, do not leave us in a position to determine on the record in the instant case whether petitioners would be entitled to deductions under sec. 195 that would affect any of the years in issue.Page: Previous 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 Next
Last modified: May 25, 2011