TOMEN POWER CORP. v. COMMISSIONER OF INTERNAL REVENUE
Opinion
Pursuant to the stipulation of the parties filed in the above-entitled case, and incorporating herein the facts stipulated by the parties as the findings of the Court, it is
ORDERED AND DECIDED: That there is a deficiency in income tax due from the Petitioner for the taxable year 1989 in the amount of $ 57,556.00;
That there is no deficiency in income tax due from, or overpayment due to, the Petitioner for the taxable year ended December 31, 1990;
That there is an overpayment in income tax due to the Petitioner for the taxable year 1991 in the amount of $ 2,406.00, which was paid on September 20, 1992, and for which amount a claim for refund could have been filed under the provisions of
That there are no penalties due from the Petitioner for the taxable years 1989, 1990 and 1991, under the provisions of
* * * * * *
It is hereby stipulated that the Court may enter the foregoing decision in the above-entitled case in accordance with the Stipulation of the parties submitted herewith.
It is hereby stipulated that the following statement shows the Petitioner's income tax liability for the taxable years 1989, 1990 and 1991:
| 1989 | ||
| Tax liability, computed without | ||
| allowance for net operating | ||
| loss carrybacks from 1990 and | ||
| 1992 to 1989, and capital | ||
| loss carrybacks from 1990, | ||
| 1991 and 1992 to 1989: | $ 4,867,985.00 | |
| Tax assessed and paid | ||
| (March 15, 1990): | $ 2,594,638.00 | |
| Less allowance made on June 17, | ||
| 1991, pursuant to claim filed | ||
| on April 30, 1991: | 268,794.00 | |
| $ 2,325,844.00 | ||
| Less tentative carrybacks | ||
| allowance made on June 24, 1991: | 2,325,844.00 | |
| Net tax assessed and paid: | 0.00 | |
| Deficiency without allowance | ||
| for net operating loss | ||
| carrybacks from 1990 and 1992 | ||
| to 1989, and capital loss | ||
| carrybacks from 1990, 1991 | ||
| and 1992 to 1989: | $ 4,867,987.00 | |
| Reduction in liability due to | ||
| net operating loss carryback | ||
| and capital loss carryback | ||
| from 1990 to 1989: | 641,483.00 | |
| Deficiency in income tax after | ||
| allowance for net opearting | ||
| los carryback and capital | ||
| loss carryback from 1990 to 1989: | $ 4,226,502.00 | |
| Reduction in liability due to | ||
| capital loss carryback from | ||
| 1991 to 1989: | 3,673,926.00 | |
| Deficiency in imcome tax after | ||
| allowance for capital loss | ||
| carryback from 1991 to 1989: | 552,576.00 | |
| Reduction in liability due to | ||
| net opearting loss and | ||
| capital loss carrybacks from | ||
| 1992 to 1989: | 495,020.00 | |
| Deficiency in income tax after | ||
| allowance for capital loss | ||
| carryback and net operating | ||
| loss carryback from 1992 to 1989: | $ 57,556.00 | |
*100
| 1990 | |
| Tax liability, computed without allowance for | |
| net operating loss carryback from taxable year | |
| ended September 30, 1991, to taxable year ended | |
| December 31, 1990: | $ 2,129,252.00 |
| Tax assessed and paid (March 15, 1991): | 1,528,648.00 |
| Deficiency without allowance for net operating | |
| loss carryback: | $ 601,104.00 |
| Reduction in liability due to net operating loss | |
| carryback: | 601,104.00 |
| Deficiency, after allowance for net operating | |
| loss carryback: | None |
| No net operating loss carryback claim filed | |
| 1991 | |
| Tax liability, computed without allowance for | |
| net operating loss carryback from 1992 to 1991: | $ 94,446.00 |
| Tax assessed and paid (September 20, 1992): | 2,739.00 |
| Deficiency without allowance for net operating | |
| loss carryback: | $ 91,707.00 |
| Reduction in liability due to net operating loss | |
| carryback: | 94,113.00 |
| Overpayment: | $ 2,406.00 |
| I.R.C. §§ 6512(b)(3)(B) and 6511(b)(2) Return | |
| filed September 20, 1992 pursuant to 6-month | |
| extension granted for filing the return, from | |
| March 15, 1992 to September 15, 1992 | |
| Ni claim filed | |
| AGreement executed July 10, 1995 (extending | |
| statutory period to March 31, 1996) | |
| Deficiency notice mailed March 29, 1996 |
It is further stipulated that there are no penalties due from the Petitioner for the taxable years 1989, 1990 and 1991, under the provisions of
It is further stipulated that the notice of deficiency, dated March 29, 1996, upon the above-entitled case is based, does not propose partnership adjustments in respect of the ToyoWest II partnership of which Petitioner was a partner for the taxable years 1989, 1990, 1991 and 1992; and that partnership adjustments to ToyoWest II were subject to a partnership proceeding, at Tax Court Docket Nubmer 3735-98, and that the parties (Petitioner Tomen Power Corporation and Respondent) have executed a closing agreement with respect to the items which were the subject of the partnership proceeding, and that these items are no longer partnership items; and that the parties' resolution of the ToyoWest II items are reflected in the amounts shown in this stipulation and decision.
It is further stipulated that this decision and stipulation filed with respect to the above entitled case include Petitioner's liabilities as successor by merger with Toyo Energy Corporation, San Diego, California, for the taxable*102 year ended December 31, 1990.
It is further stipulated that, effective upon the entry of the decision by the Court, the Petitioner waives the restriction contained in
It is further stipulated that interest will be assessed as provided by law and that interest included in any amount shown in this decision.
STUART L. BROWN
Chief Counsel
Internal Revenue Service
Case-law data current through December 31, 2025. Source: CourtListener bulk data.