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$1,650,000 of punitive damages) arising from a suit brought by
petitioner's former tenants. Petitioner argues that, as a result
of these disbursements, the estate had a net operating loss (NOL)
that he may carry over to his 1991 and 1992 individual income tax
returns.
Upon the termination of a bankruptcy estate, the debtor
succeeds to its tax attributes, including NOL carryovers under
section 172. Sec. 1398(g)(1), (i). Deductions available to the
estate are not available to the individual debtor. Smith v.
Commissioner, T.C. Memo. 1995-406.
Petitioner argues that the disbursements by the chapter 11
trustee generated a net operating loss for the bankruptcy estate.
Petitioner's bankruptcy estate filed no income tax return for
1991. The record is silent as to the estate's tax history.
There is no documentary evidence that the bankruptcy estate had
an NOL for 1991. Although petitioner testified that his
bankruptcy estate had an NOL for 1991 because it disbursed
$1,866,170 to petitioner's creditors for various claims, he did
not testify about any income the estate may have had from the
sale of property or the amount of the bankruptcy estate's NOL.
Petitioner has not established the amount of the bankruptcy
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