PETTIT v. COMMISSIONER

Docket No. 12650.

7 T.C.M. 357 (1948)

Milton H. Pettit and Lena Winn Pettit v. Commissioner.

United States Tax Court.

Entered June 10, 1948.


Attorney(s) appearing for the Case

H. M. Voorhis, Esq., for the petitioners. Homer F. Benson, Esq., for the respondent.


Memorandum Findings of Fact and Opinion

This proceeding involves an income and victory tax deficiency of $4,919.98 for the taxable year ended December 31, 1943. The sole question is whether a loss sustained from the sale in 1942 of real estate used by the petitioner in growing and marketing citrus fruits is deductible as a net operating loss carry-over for 1943.

Findings of Fact

Milton H. Pettit, hereinafter referred to as petitioner, and his wife...

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