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UNITED STATES v. FOSTER LUMBER CO.

No. 74-799.

429 U.S. 32 (1976)

UNITED STATES v. FOSTER LUMBER CO., INC.

Supreme Court of United States.

Reargued October 5, 1976.

Decided November 2, 1976.

Attorney(s) appearing for the Case

Stuart A. Smith reargued the cause for the United States. With him on the briefs were Solicitor General Bork, Assistant Attorney General Crampton, Jonathan S. Cohen, and Ernest J. Brown.

Russell W. Baker reargued the cause for respondent. With him on the brief was Paul R. Lamoree.*

MR. JUSTICE STEWART delivered the opinion of the Court.

Section 172 of the Internal Revenue Code of 1954, as amended, provides that a "net operating loss" experienced by a corporate taxpayer in one year may be carried as a deduction to the preceding three years and the succeeding five years to offset taxable income of those years.1 The entire loss must be carried to the earliest possible year;...

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