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

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

428 F.2d 474, 25 A.F.T.R.2d (RIA) 1296, 1970 U.S. App. LEXIS 8994
Court of Appeals for the First Circuit·Decided May 29, 1970·No. 7513-15_1·Published·Cited by 31 cases

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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Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases), 428 F.2d 474, 25 A.F.T.R.2d (RIA) 1296, 1970 U.S. App. LEXIS 8994 (1st Cir. 1970).

428 F.2d 474 (Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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