James J. Coyle - Page 24

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          cost of the sales or services.  Sec. 6501(e)(1)(A)(i); sec.                 
          301.6501(e)-1(a)(1)(ii), Proced. & Admin. Regs.  An item is not             
          considered omitted from the return if its nature and amount are             
          sufficiently disclosed in the return or any schedule or statement           
          attached to the return.  Sec. 301.6501(e)-1(a)(1)(ii), Proced. &            
          Admin. Regs.                                                                
               We further note that under section 6501(h), a deficiency               
          attributable to an NOL carryback may be assessed at any time                
          before the expiration of the period within which a deficiency for           
          the taxable year of the NOL which results in the carryback may be           
               Section 6501(e) is of no assistance to respondent for the              
          period ending March 31, 1992, since the notice of deficiency was            
          mailed more than 6 years after the filing of the return.                    
          Further, since the underpayment determined with respect to Regal            
          for the tax year ending March 31, 1990, is attributable to the              
          disallowance of the NOL carryback from the tax year ending March            
          31, 1992 (the year in which Regal claimed the loss arose), the              
          period during which the underpayment may be assessed has expired            
          under section 6501(h).  See Calumet Indus., Inc. v. Commissioner,           
          95 T.C. 257, 274 (1990).                                                    

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