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COAST QUALITY CONSTRUCTION CORP. & SUB. v. UNITED STATES

Civ. A. No. 70-1072.

325 F.Supp. 500 (1971)

COAST QUALITY CONSTRUCTION CORPORATION AND SUBSIDIARIES, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court, E. D. Louisiana, New Orleans Division.

March 17, 1971.

Attorney(s) appearing for the Case

A. J. Schmitt, Jr., New Orleans, La., for plaintiffs.

Gerald J. Gallinghouse, U. S. Atty., Claude J. Aucoin, Jr., Asst. U. S. Atty., for defendant.

RUBIN, District Judge:

This income tax refund suit presents only one issue: whether a corporation whose stock changed hands also made a substantial change in its business at the same time and therefore lost its right to carry forward net operating losses it had previously sustained because of the provisions of IRC Section 382, 26 U.S.C. § 382. Because there was in fact no substantial change in the corporation's business, the corporation was entitled to use its...

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