U.S. Court of Appeals for the First Circuit, 1970

Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases)

Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases)
U.S. Court of Appeals for the First Circuit · Decided May 29, 1970 · Aldrich, McEntee, Coffin
428 F.2d 474; 25 A.F.T.R.2d (RIA) 1296; 1970 U.S. App. LEXIS 8994 (Federal Reporter, Second Series)

Counsel

Stephen H. Hutzelman, Atty., Dept, of Justice, with whom Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, and Thomas L. Stapleton, Attys., Dept, of Justice, were on brief for Commissioner of Internal Revenue., James R. McGowan, Providence, R. I., with whom Lester H. Salter, and Salter, McGowan, Arcaro & Swartz, Providence, R. I., were on brief, for Chartier Real Estate Company, Inc.

Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases)

Cases that cite this one

19 later published cases cite this decision.

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion

PER CURIAM.

The decisions of the Tax Court are affirmed, essentially on its opinion. 52 T.C. 346 (1969). So far as the year 1962 is concerned the result of what seems the prima facie meaning of the statute does not even appear unreasonable. It does not seem inappropriate to place a floor at the alternate tax, leaving unused losses to their carryover utility, if any. Correspondingly, as to 1965, we do not fault the Tax Court’s conclusion that in section 172(b) (2), “ ‘taxable income’ means that taxable income to which the loss is actually applied in computing actual tax liability.” No useful purpose would be served by further elaboration on these unimportant and seldom occurring questions.

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