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the regulations thereunder. Benton v. Commissioner, supra at
365, 371 n.11, 377.
This matter is currently before the Court on petitioner’s
motion for summary judgment. See Rule 121. The issues presented
for our consideration are: (1) Whether petitioner may carry
certain NOLs from his bankruptcy estate to his 1995, 1996, and
1997 tax years; (2) the amount of the NOL carryovers available to
carry over to those years; and (3) whether the amount of the NOL
carryovers available to petitioner for his 1995, 1996, and 1997
tax years is sufficient to eliminate the deficiency, addition to
tax, and/or penalty respondent determined for each of those
years.
Background
Petitioner resided in Oto, Iowa, at the time his petition
was filed in this proceeding. On February 23, 1995, petitioner
filed a voluntary petition with the U.S. Bankruptcy Court for the
District of Colorado under chapter 11 of the Bankruptcy Code.
Concurrently, four related bankruptcy petitions were filed for
business entities controlled by petitioner. An additional entity
controlled by petitioner filed a petition under chapter 11 during
1996. The six bankruptcy cases were administered as a group. A
separate bankruptcy estate was established for each entity,
including the Oren L. Benton Bankruptcy Estate (Benton estate)
and the Nuexco Trading Corp. Bankruptcy Estate (NTC bankruptcy
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