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MONROE COAL MINING CO. v. COMMISSIONER

Docket No. 7322.

7 T.C. 1334 (1946)

MONROE COAL MINING COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated December 12, 1946.

Attorney(s) appearing for the Case

J. R. Fillman, Esq., for the petitioner.

William D. Harris, Esq., for the respondent.

OPINION.

JOHNSON, Judge:

The Commissioner determined a deficiency of $7,503.16 in petitioner's income tax for 1940, in part by the disallowance of a claimed net operating loss deduction of $45,605.65 carried over from 1939 and by eliminating from the gross income of petitioner's coal mining property $7,128.02 received from the sales of scrapped equipment and $468.08 representing discounts allowed because of prompt payment for operating equipment purchased...

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