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METRO ONE TELECOMMUNICATIONS, INC. v. C.I.R.

No. 11-70819.

704 F.3d 1057 (2012)

METRO ONE TELECOMMUNICATIONS, INC., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed December 19, 2012.

Attorney(s) appearing for the Case

Neil D. Kimmelfield , Lane Powell PC, Portland, OR, for Petitioner-Appellant.

Gilbert S. Rothenberg , Acting Deputy Assistant Attorney General; Bethany B. Hauser (briefed and argued) and Richard Farber (briefed), Tax Division, United States Department of Justice, Washington, D.C., for Respondent-Appellee.

Before: BARRY G. SILVERMAN, RICHARD R. CLIFTON, and N. RANDY SMITH, Circuit Judges.

OPINION

N.R. SMITH, Circuit Judge:

Between 2002 and 2009, § 56 of the Internal Revenue Code1 provided tax relief by permitting taxpayers subject to the Alternative Minimum Tax (AMT) to offset up to 100% of their taxable income with net operating losses (NOLs).2 To qualify for this relief, NOLs had to be (1) "carryovers to" the 2001 or 2002 tax years, or (2) "carried back from" the 2001 or 2002...

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