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FORD-IROQUOIS FS, INC. v. COMMISSIONER

Docket No. 11979-77.

74 T.C. 1213 (1980)

FORD-IROQUOIS FS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 9, 1980.

Attorney(s) appearing for the Case

Arthur E. Bryant, Jr., and Richard A. Hanson, for the petitioner.

Allen E. Lang, for the respondent.

DAWSON, Judge:

Respondent determined a deficiency of $160,313 in petitioner's Federal income tax for the year 1973.

Certain adjustments have been conceded by both petitioner and respondent. The issues for decision are: (1) Whether petitioner, a nonexempt cooperative, may carry forward under section 1721 losses incurred in its grain marketing and storage operations to offset income from its farm supply operations, and (2...

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