Intermet Corporation & Subsidiaries - Page 1


                                   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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