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(b) Jurisdiction Over Other Years and Quarters.--
The Tax Court in redetermining a deficiency of income
tax for any taxable year * * * shall consider such
facts with relation to the taxes for other years * * *
as may be necessary correctly to redetermine the amount
of such deficiency, but in so doing shall have no
jurisdiction to determine whether or not the tax for
any other year * * * has been overpaid or underpaid.
In sum, the Court may consider facts relating to taxes for years
that are not otherwise within the Court's jurisdiction where
necessary correctly to redetermine the amount of the tax
deficiency for any year properly before the Court.
It is well settled that in redetermining the amount of a
deficiency for a taxable year before the Court, we may determine
the correct amount of a NOL carryover or carryback claimed with
respect to the year in issue, notwithstanding that the loss
arises in a year that is not within the Court's jurisdiction and
for which the period of limitations has expired. Phoenix Coal
Co. v. Commissioner, 231 F.2d 420 (2d Cir. 1956), affg. T.C.
Memo. 1955-28; Calumet Indus., Inc. v. Commissioner, 95 T.C. 257,
274-275 (1990). This is true even if it would involve
recomputing the tax liability in the other year to determine
whether a loss would be carried over or back. See State Farming
Co. v. Commissioner, 40 T.C. 774, 782-783 (1963); see also Hill
v. Commissioner, 95 T.C. 437, 441-442 (1990), and cases cited
therein.
The notice of deficiency in this case explains that
respondent disallowed the NOL carrybacks that petitioner reported
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