KERN'S BAKERY OF VA., INC. v. COMMISSIONER

Docket Nos. 8428-71, 1297-73.

68 T.C. 517 (1977)

KERN'S BAKERY OF VIRGINIA, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed July 18, 1977.


Attorney(s) appearing for the Case

Perry Shields, for the petitioner.

Jack D. Yarbrough and Wesley J. Lynes, for the respondent.


WILBUR, Judge:

Respondent has determined deficiencies in petitioner's Federal income tax for the taxable years 1968 to 1970, inclusive, in the amounts of $111,995.87, $84,692.83, and $389.20, respectively. Certain issues having been settled, the sole issue for decision is whether the petitioner's post-reorganization net operating loss carryover is reduced under the provisions of section 382(b),1 thereby reducing petitioner's allowable...

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