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BURNET v. CLARK

No. 180.

287 U.S. 410 (1932)

BURNET, COMMISSIONER OF INTERNAL REVENUE, v. CLARK.

Supreme Court of United States.

Decided December 12, 1932.

Attorney(s) appearing for the Case

Assistant Attorney General Youngquist, with whom Solicitor General Thacher, and Messrs. Whitney North Seymour, Sewall Key, and John H. McEvers were on the brief, for petitioner.

Mr. William S. Hammers for respondent.

MR. JUSTICE McREYNOLDS delivered the opinion of the Court.

Respondent Clark's income tax return for 1921 showed net loss exceeding $17,000; for 1922 net loss of about $5,000. He claimed these should be deducted from gains reported for 1923, under § 204 (a) and (b),1 Revenue Act of 1921, c. 136, 42 Stat. 227, 231. The Commissioner of Internal Revenue ruled otherwise and the Board of Tax Appeals...

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