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PEBBLE SPRINGS DISTILLING CO. v. COMMISSIONER

Docket No. 40519.

23 T.C. 196 (1954)

PEBBLE SPRINGS DISTILLING CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed October 29, 1954.

Attorney(s) appearing for the Case

Sidney U. Hiken, Esq., for the petitioner.

Robert R. Veach, Esq., for the respondent.

This proceeding involves deficiencies in income tax of $110,030.86 for the fiscal year ended March 31, 1947, and $34,128.81 for the fiscal year ended March 31, 1948.

The only issue is whether petitioner sustained a recognized loss on the sale of its plant and other noninventory assets during the taxable year ended March 31, 1949, which may be carried back as a net operating loss to its 2 previous taxable years.

Some of the facts were stipulated.

FINDINGS...

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