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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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