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THOMPSON v. COMMISSIONER

Docket No. 1589-73.

66 T.C. 737 (1976)

ROBERT HICKS THOMPSON AND NANCY JO HENRY (FORMERLY THOMPSON), PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed July 26, 1976.

Attorney(s) appearing for the Case

Joseph A. Whittle, for the petitioners.

Robert P. Edler, for the respondent.

IRWIN, Judge:

Respondent determined a deficiency of $31,314.94 in petitioners' Federal income tax for the year 1970. The sole issue remaining for our determination is whether petitioners may deduct the net operating loss sustained by their wholly owned corporation during its taxable year beginning December 1, 1969, and ending November 30, 1970. The answer turns on whether the corporation filed a valid election under section 1372(c)(1)1

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