FIRST NATIONAL INDUSTRIES, INC. v. COMMISSIONER

Docket No. 389-63.

26 T.C.M. 608 (1967)

T.C. Memo. 1967-136

First National Industries, Inc. v. Commissioner.

United States Tax Court.

Filed June 23, 1967.


Attorney(s) appearing for the Case

William Waller, 12th Fl., American Trust Bldg., Nashville, Tenn., for the petitioner. Vallie C. Brooks, for the respondent.


Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined deficiencies in petitioner's income tax for the fiscal years ended January 31, 1957, and January 31, 1959, in the amounts of $8,324.21 and $152,024.93, respectively. The deficiency for the year 1957 results from the disallowance of a claimed net operating loss carryback from the fiscal year 1959 to the fiscal year 1957, which claimed carryback loss had been tentatively allowed.<...

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