Opinion
4690-19S
03-23-2023
JIE RANIERI A.K.A. JIE HU AND PAUL RANIERI, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
ORDER
Ronald L. Buch Judge
Before us is the Ranieris' second Motion for Reconsideration filed March 21, 2023, which, for the reasons stated below, we will deny.
The Ranieris' claim a loss carryforward in 2013 and 2014, which the Commissioner disallowed. That loss carryfoward was the subject of a petition to this Court and of the Commissioner's Motion for Partial Summary Judgment filed July 5, 2022. On January 23, 2023, we granted the Commissioner's motion citing the requirement that a loss be carried back before being carried forward. I.R.C. § 172(b)(1) (A), (F). On February 16, 2023, the Ranieris filed a Motion for Reconsideration that we denied. In that earlier Motion for Reconsideration, the Ranieris hypothesized that they might be able to obtain additional evidence and that the evidence might demonstrate their ability to claim an NOL carryforward. We denied their motion because grounds for reconsideration include newly discovered evidence, not speculation of what new evidence, if discovered, might show.
In their most recent Motion for Reconsideration, the Ranieris again speculate about what newly discovered evidence, if obtained, might show. But they also raise another issue. They state:
The Petitioners did research on I.R.C. §§172(b)(1)(F), but could not find such a code. Accoridng [sic] to the https://uscode.house.gov website, §§172(b)(1) has (A) through (D), there is no section (F).
The Ranieris' were unable to find the provision cited in the Court's order because they were looking at the current version of the Internal Revenue Code and not the version that applies to the years in issue. Nonetheless, a similar rule to that cited by the Court can be found in the current version of the Code, and indeed, is contained within the Ranieris' attachment to their motion. We direct their attention to the bottom of what they refer to at "attachment 2," which includes part of section 172(b)(2), stating:
(2) Amount of carrybacks and carryovers
The entire amount of the net operating loss for any taxable year (hereinafter in this section referred to as the "loss year") shall be carried to the earliest of the taxable years to which (by reason of paragraph (1)) such loss may be carried.
Because they have not established grounds for reconsideration, it is
ORDERED that Petitioners' Motion for Reconsideration filed March 21, 2023, is denied.