- 21 -
Co. v. Commissioner, 359 F.2d 191, 198 (2d Cir. 1966), affg. in
part, revg. in part, and remanding T.C. Memo. 1965-39;
P. Dougherty Co. v. Commissioner, 159 F.2d 269 (4th Cir. 1946),
affg. 5 T.C. 791 (1945). All five vehicles were available for
use in petitioner’s business when he bought them. Petitioner
placed each vehicle in service for depreciation purposes when he
bought it.
E. Whether Petitioners May Deduct More Depreciation for
Business Property Than Respondent Allowed
Petitioners contend that they may depreciate shop and office
equipment in amounts greater than they claimed on their returns
for the years in issue and greater than respondent allowed.
Petitioners contend that respondent did not allow them to
depreciate certain shop and office equipment that had useful
lives and cost bases which had not been fully recovered as of the
beginning of 1985. We disagree. Petitioners did not identify
the equipment to which their contention applies or show that
respondent had not already allowed a depreciation deduction for
that equipment.
F. Whether Petitioners May Deduct Net Operating Loss
Carryforwards and Carrybacks and Use Investment Tax Credit
Carryforwards
Petitioners contend they may deduct net operating loss (NOL)
carryforwards and carrybacks and use investment tax credit
carryforwards. We disagree. Petitioners must prove the amount
of the NOL carryforward or carryback deductions claimed and that
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011