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MOSS INDUSTRIES, INC. v. COMMISSIONER

Docket No. 32920.

12 T.C.M. 317 (1953)

Moss Industries, Inc., Alleged Transferee of U. S. Electric Home Products Inc. v. Commissioner.

United States Tax Court.

March 26, 1953.

Attorney(s) appearing for the Case

Sidney Szerlip, Esq., for the petitioner. Joseph F. Rogers, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

This proceeding involves deficiencies in income taxes of $2,284.17 and $24,782.43 assessed against the petitioner as transferee of U. S. Electric Home Products, Inc., for the calendar years 1945 and 1946, respectively, together with penalties of $685.25 and $7,434.73.

The questions involved are:

1. Did U. S. Electric Home Products, Inc., sustain a net operating loss in the year 1947, which, carried back to...

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