The issue in this appeal is whether respondents correctly interpreted the State income tax law to limit the amount of the net operating loss petitioner sustained in 1973 and 1974 as a carryback deduction in recalculating his 1971 adjusted gross income, to an amount less than that allowable as a net operating loss deduction for Federal income tax purposes. Because petitioner sustained net operating losses of $110,533 in 1973 and $235,236 in 1974...
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