LEVIN METALS CORP. v. COMMISSIONER

Docket No. 5309-85.

92 T.C. 307 (1989)

LEVIN METALS CORPORATION AND SUBSIDIARIES: SEQUOIA NAVIGATION COMPANY, LMC PRECIOUS METALS CORP., MARTIN HANNUM INC., MMC, INC., PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed February 14, 1989.


Attorney(s) appearing for the Case

Ted C. Krumland, for the petitioners.

Irvin W. Fegley, for the respondent.


OPINION

SWIFT, Judge:

Respondent determined deficiencies in petitioners' consolidated Federal income tax for their taxable year ending June 30, 1979, in the amount of $82,587. Respondent also disallowed various investment tax credits claimed on petitioners' consolidated Federal income tax return for their taxable year ending June 30, 1980, in the amount of $394,288, which credits were claimed as carryback credits to petitioners' 1979 taxable year...

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