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UNITED DOMINION INDUSTRIES, INC. v. UNITED STATES

No. 00-157.

532 U.S. 822 (2001)

121 S.Ct. 1934

150 L.Ed.2d 45

UNITED DOMINION INDUSTRIES, INC. v. UNITED STATES

Supreme Court of United States.

Decided June 4, 2001.

Attorney(s) appearing for the Case

Eric R. Fox argued the cause for petitioner. With him on the briefs was Alan J. J. Swirski.

Kent L. Jones argued the cause for the United States. With him on the brief were Acting Solicitor General Underwood, Deputy Assistant Attorney General Fallon, Deputy Solicitor General Wallace, Richard Farber, and Edward T. Perelmuter.*

Souter, J., delivered the opinion of the Court, in which Rehnquist, C. J., and O'Connor, Scalia, Kennedy, Thomas, Ginsburg, and Breyer, JJ., joined. Thomas, J., filed a concurring opinion, p. 838. Stevens, J., filed a dissenting opinion, p. 839.

Justice Souter, delivered the opinion of the Court.

Under § 172(b)(1)(I) of the Internal Revenue Code of 1954, a taxpayer may carry back its "product liability loss" up to 10 years in order to offset prior years' income. The issue here is the method for calculating the product liability loss of an affiliated group of corporations electing to file a consolidated federal income tax return. We hold that the group's product liability loss must be figured on a consolidated...

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