Marvel Entm't, LLC v. Comm'r, No. 15-3335 (2d Cir. 2016)
Annotate this CaseMarvel challenges the tax court's grant of summary judgment for the Commissioner. At issue is whether Marvel's consolidated group must reduce its consolidated net operating loss (CNOL) under I.R.C. 108(b)(2)(A) by the total amount of the groupʹs previously excluded cancellation of indebtedness income under a ʺsingle entityʺ approach as opposed to determining the amount of CNOL apportionable to each member and applying section 108(b)(2)(A) on a member‐by‐member basis. Applying de novo review, the court affirmed the tax court's application of a ʺsingle entityʺ approach to reduce the CNOL, and finding of deficiencies in income tax due for the taxable years 2003 and 2004 in the amounts of $2,144,756 and $14,453,653, respectively.
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