- 12 -
Petitioners claimed a net operating loss for 1989, which was
carried back to 1986, resulting in an excess general business
credits carryback for 1986 of $19,000, of which $3,513 was
carried back to 1984. Respondent has disallowed the $3,513 in
excess business credits carried back to 1984. The $3,513
deficiency determined by respondent for the year 1984 is a direct
result of the 1989 writedown. Respondent’s disallowance of Mary
Catherine’s writedowns for 1989 and 1990 resulted in the
adjustments to petitioners' net operating loss carrybacks from
1989 to 1986 and 1987 in the amounts of $222,859 and $1,311,418,
respectively, from 1990 to 1987 and 1988 in the amounts of
$151,729 and $907,516, respectively, and from 1991 to 1988 in the
amount of $1,038,814.
Suit Against Bobrow
On December 22, 1993, Mary Catherine and petitioners filed a
complaint in the Connecticut Superior Court for the District of
Hartford against Alec R. Bobrow, David S. Bobrow, Alan J. Nathan,
and Ronald Mamrosh, the Bobrow accountants who prepared
petitioners’ and Mary Catherine’s 1989 and 1990 Federal income
tax returns, for breach of contract and negligence in the
preparation of the returns.
The complaint alleges that respondent “has assessed against
the plaintiff Mary Catherine Development Co. additional moneys
due in the form of additional taxes, interest and penalties.”
Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 NextLast modified: May 25, 2011