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deducted or carried forward, still exists. On the basis of this
asserted 1975 NOL, petitioners argue that they are entitled to
NOL deductions in 1998 and 1999.
Respondent argues that his determination disallowing the NOL
carryforward deductions for 1998 and 1999 must be sustained for a
multitude of reasons.6 First, the only and best evidence of any
NOL for 1975 is the Forms 1041 filed during the Kansas
bankruptcy, which indicate that the 1975 NOL was completely used
before the years at issue. Second, even if there had been an
unused 1975 NOL carryforward, the 1975 NOL could have been
carried forward for only 5 years and, consequently, was not
available for use in 1998 and 1999. Third, even if there had
been an unused 1975 NOL carryforward, the loss would not have
passed to Mr. Beery. Fourth, even if there had been an unused
1975 NOL carryforward and the unused portion of the 1975 NOL had
passed to Mr. Beery, the unused 1975 NOL carryforward would have
passed to Mr. Beery’s New Mexico bankruptcy estate.
We need not address all of respondent’s arguments because
any one of several arguments is more than sufficient to support
respondent’s disallowance of the deductions. We address two of
respondent’s arguments because they relate to our disposition of
5(...continued)
that the unused NOL from the Kansas bankruptcy was $1,030,058.
6Although both parties were given the opportunity to file a
posttrial brief, only respondent did so.
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