MUTUAL ASSURANCE SOCIETY OF VIRGINIA CORP. v. C. I. R.

No. 74-1133.

505 F.2d 128 (1974)

MUTUAL ASSURANCE SOCIETY OF VIRGINIA CORPORATION, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided October 18, 1974.


Attorney(s) appearing for the Case

Robert G. Burt, Atty., Tax Div., U. S. Dept. of Justice (Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks and Bennet H. Hollander, Attys., Tax Div., U. S. Dept. of Justice, on brief), for appellant.

Frank W. Hardy, Richmond, Va. (Williams, Mullen & Christian, Richmond, Va., on brief), for appellee.

Before WINTER, CRAVEN and RUSSELL, Circuit Judges.


WINTER, Circuit Judge:

In this appeal we must decide whether, where a net operating loss has been carried back and used in computing taxable income as a step in determining a taxpayer's tax for an earlier year under the alternative method of taxing capital gains, the excess of the net operating loss deduction over ordinary income for the earlier year may be carried forward to a succeeding year. The Tax Court held that it could.1 Its holding...

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