Marvel Entertainment, LLC v. Commissioner

Second Circuit

Marvel Entertainment, LLC v. Commissioner

842 F.3d 1291, 118 A.F.T.R.2d (RIA) 5678, 2016 U.S. App. LEXIS 16400

CourtCourt of Appeals for the Second Circuit

DecidedSeptember 7, 2016

DocketDocket No. 15-3335-ag

StatusPublished

This text of 842 F.3d 1291 (Marvel Entertainment, LLC v. Commissioner) is published on Counsel Stack Legal Research, covering Court of Appeals for the Second Circuit primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Marvel Entertainment, LLC v. Commissioner, 842 F.3d 1291, 118 A.F.T.R.2d (RIA) 5678, 2016 U.S. App. LEXIS 16400 (2d Cir. 2016).

Pincite

Opinion

PER CURIAM:

This appeal challenges an opinion and an order and decision of the United States Tax Court entered July 21, 2015 granting summary judgment for the Commissioner of Internal Revenue. The sole issue before the Tax Court, and before us on appeal, is whether petitioner-appellant Marvel Entertainment, LLC’s consolidated group must reduce its consolidated net operating loss (“CNOL”) under Internal Revenue Code § 108(b)(2)(A) by the total amount of the group’s previously excluded cancellation of indebtedness income under a “single entity” approach as opposed to determining the amount of CNOL apportionable to each member and applying § 108(b)(2)(A) on a member-by-member basis. The Tax Court applied a “single entity” approach to reduce the CNOL, finding deficiencies in income tax due for the taxable years 2003 and 2004 in the amounts of $2,144,756 and $14,453,653, respectively.

Applying de novo review, Scheidelman v. Comm’r, 682 F.3d 189, 193 (2d Cir. 2012), we affirm for substantially the reasons stated by the Tax Court in its complete and well-reasoned opinion, 145 T.C. 69 (2015).

Free access — add to your briefcase to read the full text and ask questions with AI

PER CURIAM:

This appeal challenges an opinion and an order and decision of the United States Tax Court entered July 21, 2015 granting summary judgment for the Commissioner of Internal Revenue. The sole issue before the Tax Court, and before us on appeal, is whether petitioner-appellant Marvel Entertainment, LLC’s consolidated group must reduce its consolidated net operating loss (“CNOL”) under Internal Revenue Code § 108(b)(2)(A) by the total amount of the group’s previously excluded cancellation of indebtedness income under a “single entity” approach as opposed to determining the amount of CNOL apportionable to each member and applying § 108(b)(2)(A) on a member-by-member basis. The Tax Court applied a “single entity” approach to reduce the CNOL, finding deficiencies in income tax due for the taxable years 2003 and 2004 in the amounts of $2,144,756 and $14,453,653, respectively.

Applying de novo review, Scheidelman v. Comm’r, 682 F.3d 189, 193 (2d Cir. 2012), we affirm for substantially the reasons stated by the Tax Court in its complete and well-reasoned opinion, 145 T.C. 69 (2015).

Cite This Page — Counsel Stack

Bluebook (online)

842 F.3d 1291, 118 A.F.T.R.2d (RIA) 5678, 2016 U.S. App. LEXIS 16400, Counsel Stack Legal Research, https://law.counselstack.com/opinion/marvel-entertainment-llc-v-commissioner-ca2-2016.

Opinion

Related

Cite This Page — Counsel Stack