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IN RE LUSTER

Bankruptcy Nos. 78 B 9574, 78 B 9575.

134 B.R. 632 (1991)

In re Melvin L. LUSTER and Harold E. Friedman, Debtors.

United States Bankruptcy Court, N.D. Illinois, E.D.

November 21, 1991.

Attorney(s) appearing for the Case

Dennis E. Quaid, trustee.

Maynard Russell, Michael L. Stone, Fagel, Haber & Maragos, Chicago, Ill., for trustee.

R. Villageliu, Office of Dist. Counsel, I.R.S., Chicago, Ill., for I.R.S.

Thomas D. Newbold, Asst. Atty. Gen., Chicago, Ill., for U.S.

MEMORANDUM OF DECISION

EUGENE R. WEDOFF, Bankruptcy Judge.

The two cases now before the court have been considered together because they present the identical legal issue: whether the trustee in a liquidating bankruptcy under the 1898 Bankruptcy Act may claim, as property of the estate, net operating loss ("NOL") carryovers to which the debtors would have been entitled outside of bankruptcy. This issue has been raised by the trustee's motions for summary...

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