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OVERLY v. COMMISSIONER

Docket No. 54870.

15 T.C.M. 1044 (1956)

T.C. Memo. 1956-197

Elmer G. Overly and Mary H. Overly v. Commissioner.

United States Tax Court.

Filed August 28, 1956.

Attorney(s) appearing for the Case

William W. Scott, Jr., Esq., for the petitioners. Phillip O. North, Esq., for the respondent.

Memorandum Opinion

MURDOCK, Judge:

The Commissioner determined a deficiency of $4,396.08 in the petitioners' income tax for 1951. The issue is whether the petitioners are entitled to a net operating loss carry-back deduction from 1952 under sections 23(s), 122(a) and 122(d)(5) of I. R. C. of 1939.

[Findings of Fact]

All of the facts have been stipulated.

Elmer and Mary Overly, the petitioners, are husband and wife who filed...

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