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All section references are to the Internal Revenue Code in
effect for the taxable years in issue, and all Rule references
are to the Tax Court Rules of Practice and Procedure, unless
otherwise indicated.
After concessions,1 the issues for decision are: (1)
Whether petitioner made a timely election to waive the carryback
period with respect to its net operating loss for its tax year
ending June 30, 1992. We hold it did not. (2) Whether the
period of limitations bars the assessment and collection of the
deficiency in income tax for the tax year ending June 30, 1994.
We hold it does not. (3) Whether the duty of consistency
doctrine, or in the alternative, the theory of equitable
estoppel, applies under these circumstances. We hold they do
not.
This case was submitted fully stipulated under Rule 122.
The stipulated facts and the accompanying exhibits are
incorporated herein by this reference. At the time the petition
in this case was filed, petitioner's principal place of business
was located in Stockton, California.
1Petitioner conceded respondent's determination with respect
to the sec. 481 adjustment for the taxable year ending June 30,
1995. Respondent conceded that the accuracy-related penalty
under sec. 6662(a) does not apply to petitioner for the taxable
year ending June 30, 1994.
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