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  5. 193 B.R. 929 (1995)
 

IN RE HOME AMERICA T.V.-APPLIANCE-AUDIO, INC.

No. CIV 94-990 PHX RCB, CIV 94-991 PHX RCB. Bankruptcy No. B-89-8322 PHX RTB.

193 B.R. 929 (1995)

In re HOME AMERICA T.V.-APPLIANCE-AUDIO, INC., Debtor. Wenda K. SHALTRY, Trustee, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, D. Arizona.

April 18, 1995.

Attorney(s) appearing for the Case

Janet Napolitano, United States Attorney, Phoenix, Arizona and Eric Casper, Trial Attorney, Tax Division, U.S. Department of Justice, Washington, D.C., for the United States.

Gerald L. Shelley and Benjamin R. Norris, Quarles & Brady, Phoenix, Arizona, for Wenda K. Shaltry, Trustee.

BROOMFIELD, Chief Judge.

The United States appeals the bankruptcy court's entries of judgment for the Trustee in two adversary proceedings. The court heard oral argument on April 10, 1995 and now rules.

I. FACTS AND PROCEDURAL BACKGROUND

This case is about net operating losses ("NOLs"). NOLs are created when a taxpayer's deductible business expenses for a given year exceed its gross income for the year. 26 U.S.C. § 172(c). The Internal Revenue...

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