(Download) "Nichols v. United States" by Sixth Circuit U.S. Court of Appeals ~ eBook PDF Kindle ePub Free
eBook details
- Title: Nichols v. United States
- Author : Sixth Circuit U.S. Court of Appeals
- Release Date : January 13, 2001
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
Plaintiff, George Nichols, III, the state-appointed liquidator for Kentucky Central Life Insurance Company ("KCL"), filed a complaint in the United States District Court for the Eastern District of Kentucky alleging that the Internal Revenue Service (IRS) owed KCL income tax refunds totaling $18,502,455 plus interest for the taxable years 1989, 1990, and 1991. Plaintiff claimed that losses incurred during the taxable years 1992 and 1993 by KCLs life insurance company, losses which KCL sought to carry back to the income of its nonlife insurance company affiliate groups, reduced its taxable income on its consolidated tax returns for 1989 through 1991. Under Treas. Reg. ร§ 1.1502-47(a)(2)(ii) (the "anti-carryback regulation"), which prohibits KCL from carrying back losses from its life subgroup to its non-life subgroup, KCL would not be entitled to an income tax refund. Plaintiff argued, however, that the anti-carryback regulation is an invalid exercise of the Secretary of the Treasurys power to promulgate consolidated tax return regulations and is thus void. Rejecting Plaintiffs argument, the district court granted summary judgment to the government and denied Plaintiffs motion to alter or amend the grant of summary judgment. Plaintiff now appeals. For the reasons that follow, we AFFIRM the district courts orders granting summary judgment to the government and denying Plaintiffs motion to alter or amend.