WALLY FINDLAY GALLERIES INTERNATIONAL, INC. v. COMMISSIONER

Docket No. 15292-94.

71 T.C.M. 3214 (1996)

T.C. Memo. 1996-293

Wally Findlay Galleries International, Inc. and Subsidiaries v. Commissioner.

United States Tax Court.

Filed June 24, 1996.


Attorney(s) appearing for the Case

John J. Quinlisk, Chicago, Ill., Anne Showel Quinn, and Patrick J. Bitterman, for the petitioners. Russell D. Pinkerton, for the respondent.


MEMORANDUM FINDINGS OF FACT AND OPINION

LARO, Judge:

Petitioners sought redetermination of deficiencies in their Federal income tax for the taxable years ended September 30, 1981 (FY 1981) and September 30, 1982 (FY 1982) in the amounts of $620,347 and $85,612, respectively. The deficiencies are attributable to the carryback of a net operating loss arising from two deductions claimed on petitioners' consolidated return for FY 1984. We must decide: (1) Whether...

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