CHASE, Circuit Judge.
The petitioner suffered a statutory net loss of $253,285.73 in 1926 which he was admittedly entitled to deduct in 1927 to the extent of any net income he might have in that year. He did have net income of $66,172.98 in 1927 and used the deduction to free that income from taxation leaving a balance of his 1926 net loss to the amount of $187,112.75 available for purposes of deduction in the "next succeeding taxable year," i. e. in 1928. See section...
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.