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BURNET v. MOORE COTTON MILLS CO.

No. 3052.

49 F.2d 59 (1931)

BURNET, Com'r of Internal Revenue, v. MOORE COTTON MILLS CO.

Circuit Court of Appeals, Fourth Circuit.

April 13, 1931.

Attorney(s) appearing for the Case

William Cutler Thompson, Sp. Asst. to Atty. Gen. (G. A. Youngquist, Asst. Atty. Gen., Sewall Key and J. P. Jackson, Sp. Assts. to Atty. Gen., and C. M. Charest, Gen. Counsel, Bureau of Internal Revenue, and Dean P. Kimball, both of Washington, D. C., on the brief), for petitioner.

James Craig Peacock, of Washington, D. C. (John W. Townsend, of Washington, D. C., on the brief), for respondent.

Before NORTHCOTT, Circuit Judge, and McCLINTIC and COLEMAN, District Judges.

WILLIAM C. COLEMAN, District Judge.

The question here presented, which arises upon a petition to review the action of the Board of Tax Appeals, is whether, under the Revenue Act of 1921, § 204 (b), (42 Stat. 227, 231), in determining the net income of a tax payer for the second succeeding year following a net loss, for the purpose of applying the $2,000 credit provision of section 236 (b) of the same act, the unapplied balance of the net loss is to be treated...

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