- 53 - Petitioner concedes that he is not entitled to a net operating loss deduction in 1991 stemming from his 1990 tax year. In his petition, petitioner asserted that he filed a Form 1040, U.S. Individual Income Tax Return, for the year 1994, which resulted in a net operating loss eligible for carryback to 1991 of $253,889. The notice of deficiency did not cover 1994, and petitioner on brief has abandoned this assertion. Indeed, petitioner listed this issue as one of the issues he considered “not in controversy” in his reply brief. Therefore, we consider the issue conceded. Respondent concedes that petitioner is entitled to self- employment tax deductions for the years 1990, 1991, and 1993. Petitioner concedes that he had interest income from Eureka Field Nursery of $33,043 in 1991. Petitioner concedes that the correct amount of flow-through income from the Kiddies 38/91 partnership during 1991 is $83,419. Petitioner concedes that his distributive share from Eureka Field Nursery in 1990 is $43. The parties agree on the formula to be used for calculating interest due under section 453(l)(3) for the years 1990, 1991, and 1992. The parties also agree that deductions allowed petitioner for interest paid pursuant to section 453(l)(3) for the years 1990, 1991, and 1992 will be determined under a Rule 155 computation.Page: Previous 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 Next
Last modified: May 25, 2011