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  • Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases), 428 F.2d 474, 1st Cir. (1970)

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    This document is a court case summary from the United States Court of Appeals for the First Circuit. It affirms the decision of the Tax Court regarding the tax liability of Chartier Real Estate Company for the years 1962 and 1965. For 1962, the court found that not allowing unused losses to offset alternate taxable income was reasonable based on the meaning of the relevant statute. For 1965, the court agreed with the Tax Court's interpretation that "taxable income" in section 172(b)(2) refers to the income to which losses are actually applied to compute tax liability. The court saw no need to further elaborate on these narrow issues.

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    Filed: 1970-05-29 Precedential Status: Precedential Citations: 428 F.2d 474 Docket: 7513-15_1

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    This document is a court case summary from the United States Court of Appeals for the First Circuit. It affirms the decision of the Tax Court regarding the tax liability of Chartier Real Estate Company for the years 1962 and 1965. For 1962, the court found that not allowing unused losses to offset alternate taxable income was reasonable based on the meaning of the relevant statute. For 1965, the court agreed with the Tax Court's interpretation that "taxable income" in section 172(b)(2) refers to the income to which losses are actually applied to compute tax liability. The court saw no need to further elaborate on these narrow issues.

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    Chartier Real Estate Company, Inc. v. Commissioner of Internal Revenue, (Three Cases), 428 F.2d 474, 1st Cir. (1970)

    Uploaded by

    Scribd Government Docs
    This document is a court case summary from the United States Court of Appeals for the First Circuit. It affirms the decision of the Tax Court regarding the tax liability of Chartier Real Estate Company for the years 1962 and 1965. For 1962, the court found that not allowing unused losses to offset alternate taxable income was reasonable based on the meaning of the relevant statute. For 1965, the court agreed with the Tax Court's interpretation that "taxable income" in section 172(b)(2) refers to the income to which losses are actually applied to compute tax liability. The court saw no need to further elaborate on these narrow issues.

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    of 1

    428 F.

    2d 474

    CHARTIER REAL ESTATE COMPANY, Inc., Petitioner,


    Appellant,
    v.
    COMMISSIONER OF INTERNAL REVENUE, Respondent,
    Appellee. (Three Cases)
    Nos. 7513-15.

    United States Court of Appeals, First Circuit.


    Heard May 5, 1970.
    Decided May 29, 1970.

    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.
    Before ALDRICH, Chief Judge, and McENTEE and COFFIN, Circuit
    Judges.
    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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