Nestle Holdings, Inc. - Page 5




                                                - 5 -                                                  
            properly allowed by respondent.4                                                           
            1996 Stipulation and Tax Court Decision                                                    
                  The relevant portions of the 1996 stipulation follow:                                
                        1.  Respondent may assess the deficiencies                                     
                  determined to be due pursuant to the foregoing decision                              
                  for the taxable [years] ended December 31, 1983,                                     
                  December 29, 1984, and December 28, 1985.  The                                       
                  deficiencies shown in the foregoing decision for the                                 
                  1983 and 1984 taxable years and the overpayment shown                                
                  in the foregoing decision for the 1985 taxable year                                  
                  were determined without giving Petitioner credit for                                 
                  carrybacks, including carrybacks that were tentatively                               
                  allowed under the provisions of I.R.C. sec. 6411, from                               
                  taxable years after December 28, 1985, which carrybacks                              
                  are not in issue in this case.  Further, the amounts of                              
                  the net tax assessed and paid and the deficiencies                                   
                  shown in the foregoing decision for the 1983 and 1984                                
                  taxable years were determined after reducing the tax                                 
                  assessed and paid for those years by all amounts that                                
                  were refunded or credited in connection with the                                     
                  aforementioned carrybacks.  The reflection in the                                    
                  decision of these refunds is not a substantive                                       
                  determination of whether the carrybacks are allowable                                
                  and does not put the carrybacks in issue.                                            
                              *     *     *     *     *     *     *                                    
                        9.  It is further stipulated that business credit                              
                  carrybacks, net operating loss and capital loss                                      
                  carrybacks and the effect of such carrybacks, and other                              
                  similar tax attributes defined in I.R.C. secs.                                       
                  6511(d)(2) and (d)(4) arising with respect to the                                    
                  Petitioner’s taxable years beginning after December 28,                              
                  1985, were not at issue in T.C. Docket No. 21562-90 and                              
                  may be the subject of a claim for refund attributable                                
                  to such carrybacks and the effect of such carrybacks                                 
                  into Petitioner’s taxable years ended December 31,                                   
                  1983, December 29, 1984, and December 28, 1985, * * *.                               
                  [Emphasis added.]                                                                    


                  4  As explained infra in the 1996 stipulation, the parties                           
            agreed that the decision of the Court would not serve as res                               
            judicata with regard to this issue.                                                        





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