Billion v. Comm'r of Revenue
Annotate this CaseOn their 2007 Minnesota individual income tax return, John and Deborah Billion claimed a $55,904 deduction for carryover losses incurred in 2005 by a Minnesota subchapter S corporation in which John Billion was a shareholder. The Minnesota Commissioner of Revenue disallowed the Billions' deduction, resulting in an assessment of $3,736 in additional Minnesota income taxes for the 2007 tax year. The tax court upheld the assessment. The Supreme Court affirmed in part and reversed in part, holding (1) the Billions were entitled to a carryover net operating loss deduction of $7,834 on their 2007 individual income tax return; but (2) the tax court did not err in its judgment in all other respects. Remanded for recalculation of the Billions' Minnesota income tax liability for the 2007 tax year.
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