Court Opinion

ID: 9461150
Source: CourtListenerOpinion
Date Created: 2023-08-04 22:07:21.201732+00
Date Added: 2024-06-11T17:36:55.263282
License: Public Domain

DONALD RUSSELL, Circuit Judge
(dissenting):
The result reached in the majority opinion is contrary to what I regard as the clear Congressional intent in enacting the “loss carry-back” and “loss carry-forward” tax statutes. I am convinced that the correct construction of such statutes was reached in Chartier Real Estate Co. v. Commissioner, 52 T.C. 346 (1969), aff’d, per curiam 428 F.2d 474 (1 Cir. 1970); Foster Lumber Co. v. United States, 500 F.2d 1230 (8 Cir. 1974); Olympic Foundry Co. v. United States, 493 F.2d 1247 (9 Cir. 1974).
I may add that the very acquiescence of the Congress in the construction of these statutes, as set forth in Chartier and followed consistently in all subsequent cases prior to this decision, is a persuasive testimonial that those decisions set forth the proper construction of the statutes and that the judgment of the Tax Court should be affirmed.