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ELECTION TO RELINQUISH
NET OPERATING LOSS CARRYBACK PERIOD
DIESEL PERFORMANCE, INC.
EIN: 94-2194385
FORM 1120
Fiscal Year Ended June 30, 1992
Taxpayer incurred a net operating loss in its taxable
year ended June 30, 1992, and is entitled to a three-
year carryback period with respect to that loss under
Code Section 172(b)(1) of the Internal Revenue Code.
Pursuant to Code Section 172(b)(3)(C), the taxpayer
hereby elects to relinquish the entire carryback period
with respect to the net operating loss incurred in its
taxable year ended June 30, 1992.
On petitioner's Form 1120 filed for the tax year ending June
30, 1994, petitioner claimed a reduction in gross income in an
amount representing the net operating loss from the June 30,
1992, period. In auditing petitioner's June 30, 1994, Form 1120,
respondent disallowed the net operating loss carryover from June
30, 1992, on the grounds petitioner had not included a valid
election to waive the carryback period on a return filed by the
original due date.
Respondent issued a notice of deficiency for the taxable
year ending June 30, 1994, disallowing $55,769 of the net
operating loss petitioner attempted to carry forward to the June
30, 1994, taxable year.
On petitioner's original Forms 1120 for the taxable years
ending June 30, 1989, and 1990, petitioner reported net taxable
income of $109,646 and $191,445, respectively.
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Last modified: May 25, 2011