O'MEALIA RESEARCH & DEVELOPMENT, INC. v. COMMISSIONER

Docket No. 7003-73.

64 T.C. 491 (1975)

O'MEALIA RESEARCH & DEVELOPMENT, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed June 26, 1975.


Attorney(s) appearing for the Case

Edward G. Hearn, for the petitioner.

Kenneth G. Gordon, for the respondent.


QUEALY, Judge:

The respondent has determined deficiencies in the income tax of O'Mealia Research & Development, Inc., for the fiscal years ending October 31, 1969, and October 31, 1970, in the amounts of $47,957 and $53,971.

Due to concessions by the parties, the sole question remaining for decision is whether petitioner is barred by section 269(a)(2)2 from utilizing net operating...

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