Chrysler Corporation - Page 2

                                        - 2 -                                         

               James P. Fuller, Ronald B. Schrotenboer, Kenneth B. Clark,             
          William F. Colgin, and Barton W.S. Bassett, for petitioner.                 
               Jeffrey L. Bassin, Nancy B. Herbert, and Bethany A.                    
          Ingwalson, for respondent.                                                  


               LARO, Judge:  Respondent moves the Court for partial summary           
          judgment.  See Rule 121.  Respondent determined deficiencies of             
          $593,967, $13,064,705 and $36,102,409 in petitioner’s Federal               
          income taxes for 1983, 1984, and 1985, respectively.  The                   
          deficiencies are attributable partially to respondent’s                     
          determination that petitioner could not in 1995 amend its 1985              
          tax return to claim for that year a carryover of foreign tax                
          credits which accrued in 1980, 1981, and 1982.                              
               We decide for the first time whether petitioner timely                 
          elected under section 901(a) to credit (rather than deduct) its             
          1980, 1981, and 1982 foreign taxes.1  We hold it did not.  Unless           
          otherwise indicated, section references are to the Internal                 
          Revenue Code in effect for the years in issue.  Rule references             
          are to the Tax Court Rules of Practice and Procedure.                       

               1 The parties also dispute whether petitioner timely claimed           
          a refund under sec. 6511(d)(3)(A).  On the basis of our holding             
          on the issue before us, we need not decide that dispute.                    

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  Next

Last modified: May 25, 2011