842
Stevens, J., dissenting
In short, I find no answer to this case in the text of the statute or in any Treasury Regulation.2 However, the Government does forward a valid policy concern that militates against petitioner's construction of the statute: the fear of tax abuse. See Brief for United States 40-42. Put simply, the Government fears that currently unprofitable but previously profitable corporations might receive a substantial windfall simply by acquiring a corporation with significant product liability expenses but no product liability losses. See id., at 40. On a subjective level, I find these concerns troubling. Cf. Woolford Realty Co., 286 U. S., at 330 (rejecting "the notion that Congress in permitting a consolidated return was willing to foster an opportunity for juggling so facile and so obvious"). More importantly, however, I credit the Secretary of the Treasury's concerns about the potential scope of abuse. Perhaps the Court is correct in suggesting that these concerns can be alleviated through applications of other anti-abuse provisions of the Tax Code, see ante, at 838, but I am not persuaded of my own ability to make that judgment. When we deal "with a subject that is highly specialized and so complex as to be the despair of judges," Dobson v. Commissioner, 320 U. S. 489, 498 (1943), an ounce of deference is appropriate.
I respectfully dissent.3
2 I am also in full agreement with the Court's rejection of the Govern-ment's double-deduction argument. See ante, at 834-835.
3 Because I agree with the majority that the calculation contemplated by Treas. Reg. § 1.1502-79(a)(3) better approximates the NOL that each company would have had reported if filing individually than the alternative forwarded by the Government, see ante, at 833, I agree with the Court of Appeals' decision to adopt that measure and would affirm the decision below in its entirety.
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