- 11 -
of which was attributable to petitioner. The CNOL was the result
of a commodities contract with LTV Steel Company that petitioner
claimed was worthless, shares of Olga Coal that petitioner
claimed were worthless, and a debt owed to petitioner by Olga
Coal that petitioner claimed was a bad debt.
On September 17, 1987, petitioner and AMC filed two Forms
1139 with respect to their 1986 tax year. On the first Form
1139, petitioner requested an $11,298,371 tentative carryback
adjustment attributable to the carryback of petitioner’s 1986
CNOL to petitioner’s (i.e., the affiliated group’s) 1984 and 1985
tax years. Petitioner attached to the application an application
for electronic funds transfer and a deposit ticket for a bank
account maintained by petitioner. Petitioner also included in
the application a copy of an amended consolidated return for 1984
filed by Interlake, which indicated that Interlake was the
successor in interest to the affiliated group. On the second
Form 1139, petitioner requested a $148,692 tentative carryback
adjustment attributable to the carryback of $174,931 of
investment tax credits and credits for increasing research
activity from petitioner’s (i.e., the group’s) 1984 year to
petitioner’s (i.e., the group’s) 1981 year. The credits were
freed up as a result of the carryback of the CNOL to 1984.
After reviewing petitioner’s requests, respondent informed
petitioner that it would not process the first Form 1139 because
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011