- 11 U.S.C.
Illinois Dept of Revenue v. Envirodyne Indus.
Oct
31
2006
Ruling
Bankruptcy court properly allowed debtor to offset prepetition income with postpetition losses for tax purposes.
Procedural posture
Plaintiff, the Illinois Department of Revenue, challenged an order of the bankruptcy court granting an objection by defendants, a taxpayer corporation and several of its subsidiaries, to the Department's proof of claim. The bankruptcy court found that the corporation could carry back its net operating losses from 1988 and 1989 to offset taxable income from prior tax years and held that no additional taxes were due.
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Court
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