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U. S. v. OLYMPIC RADIO & TELEVISION.

No. 10.

349 U.S. 232 (1955)

75 S.Ct. 733

99 L.Ed. 1024

UNITED STATES v. OLYMPIC RADIO & TELEVISION, INC.

Supreme Court of United States.

Decided May 23, 1955.

Attorney(s) appearing for the Case

Assistant Attorney General Holland argued the cause for the United States. With him on the brief were Solicitor General Sobeloff, Ellis N. Slack, Ralph S. Spritzer, Lee A. Jackson and I. Henry Kutz.

Fred R. Tansill argued the cause for respondent. With him on the brief was Eugene Meacham. William H. Krieg entered an appearance for respondent.

MR. JUSTICE DOUGLAS delivered the opinion of the Court.

This suit was brought in the Court of Claims for a tax refund. The taxpayer, a New York corporation, kept its books and accounts on the accrual basis and filed its federal income tax returns on the same basis, using the calendar year. The taxpayer had a net operating loss of $310,872.60 for 1946. This loss was carried back and set off against the taxpayer's excess profits...

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