Tax News - Exception to General Statute of Limitations for Loss Carryback Not Applicable to Corporation's Loss Carryover (Electrolux Holdings, Inc., CA-FC)

Post details: Exception to General Statute of Limitations for Loss Carryback Not Applicable to Corporation's Loss Carryover (Electrolux Holdings, Inc., CA-FC)

08/17/07

12:17:07 pm, Categories: News, 317 words

Exception to General Statute of Limitations for Loss Carryback Not Applicable to Corporation's Loss Carryover (Electrolux Holdings, Inc., CA-FC)

CCH (cch.taxgroup.com) reports:

A corporation's refund claim for the 1995 tax year did not qualify for the special exception to the general statute of limitations and was untimely. The special limitations period under Code Sec. 6511(d)(2)(A) did not apply because the corporation's 1995 overpayment resulted from the carryover to 1995 of an unused net capital loss from 1994 and was not caused or generated by the carryback of the net capital loss to a carryback year. Instead, the corporation's carryover of the 1994 loss to the succeeding tax year was caused by the net capital loss in 1994. Thus, the overpayment in 1995 was not attributable to a capital loss carryback.
Affirming a FedCl decision, 2006-2 USTC ¶50,436.
Electrolux Holdings, Inc., CA-FC, 2007-2 USTC ¶50,583
Other References:
Code Sec. 6511
CCH Reference - 2007FED ¶39,080.17
CCH Reference - 2007FED ¶39,080.2455
Code Sec. 7422
CCH Reference - 2007FED ¶41,688.378
CCH Reference - 2007FED ¶41,688.504
Tax Research Consultant
CCH Reference - TRC IRS: 36,104

State Headlines

Colorado --Corporate, Personal Income Taxes: DOR to Participate in Multistate Voluntary Compliance Program
The Colorado Department of Revenue has announced that it will participate in the Multistate Tax Commission's (MTC's) voluntary compliance program that offers corporate income and personal income tax taxpayers involved with "abusive tax shelters" an opportunity to report their activity in exchange for a state benefit, usually full abatement of penalties. The program runs from May 1, 2007, to October 1, 2007.
Taxpayers who filed income tax returns for periods beginning before January 1, 2006, using abusive tax shelters are eligible to participate. Taxpayers who have not filed tax returns because of abusive tax shelters are also eligible. Taxpayers who wish to participate in this program must complete a separate MTC-VCP-1 application form for each state and send an amended or original tax return, payment, or other required documents. The MTC must receive all documents by October 1, 2007.
For more information, forms and procedures, taxpayers should visit the Multistate Tax Shelter Voluntary Compliance Program Web site at http://www.mtc.gov.
Release, Colorado Department of Revenue, August 14, 2007.

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