111 T.C. No. 16
UNITED STATES TAX COURT
INTERMET CORPORATION & SUBSIDIARIES, Petitioner v.
COMMISSIONER OF INTERNAL REVENUE, Respondent
Docket No. 8246-97. Filed December 8, 1998.
P is the common parent of an affiliated group of
corporations (the group) that included L during the
period from 1984 to 1993. Pursuant to sec.
172(b)(1)(C), I.R.C., P seeks to carry back, to 1984,
certain expenses incurred by L during 1992. For 1992
the group had a consolidated net operating loss as
defined in sec. 1.1502-21A(f), Income Tax Regs., and L
had separate taxable income as defined in sec. 1.1502-
12, Income Tax Regs.
Held: The expenses in issue do not qualify for
the 10-year carryback provided in sec. 172(b)(1)(C),
I.R.C., because the expenses do not qualify as
specified liability losses (SLL's) within the meaning
of sec. 172(f), I.R.C. The expenses do not qualify as
SLL's within the meaning of sec. 172(f), I.R.C.,
because they were not taken into account in computing
the net operating loss for the year as required by sec.
172(f)(1), I.R.C. Secs. 1.1502-21A(f), 1.1502-12,
Income Tax Regs.
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