The Commissioner determined deficiencies in income tax for 1950 and 1952 in the amounts of $1,175.10 and $8,975.34, respectively. Some of the determinations are not contested. The Commissioner has determined that petitioners are not entitled, under section 122, 1939 Code, to a "net operating loss" carryback from 1951 to 1950, or to a carryover to 1952. The issue is whether a loss sustained in 1951, in the amount of $57,655.40, constitutes a "net operating loss" within the...
Let's get started
Welcome to the leading source of independent legal reporting
Sign on now to see your case.
Or view more than 10 million decisions and orders.
- Updated daily.
- Uncompromising quality.
- Complete, Accurate, Current.