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PETTIT v. COMMISSIONER OF INTERNAL REVENUE

No. 12583.

175 F.2d 195 (1949)

PETTIT et al. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Fifth Circuit.

June 3, 1949.

Attorney(s) appearing for the Case

H. M. Voorhis, Orlando, Fla., for petitioners.

L. W. Post, Ellis N. Slack, Louise Foster, Spl. Assts. to Atty. Genl., Theron L. Caudle, Asst. Attorney General, Charles Oliphant, Chief Counsel, Bur. Int. Rev., Washington, D. C., Rollin H. Transue, Spl. Atty., Bur. Int. Rev., Washington, D. C., for respondent.

Before SIBLEY, HOLMES, and McCORD, Circuit Judges.

PER CURIAM.

The taxpayers, having in 1931 bought an orange grove in California, and having operated it at a loss (except for one year) sold the land and equipment constituting the business plant in 1942 at a loss of $27,023. The Commissioner allowed $4,264 of this loss to be carried back to eliminate the net income in 1941, and refunded the tax for 1941. Taxpayers sought in 1943 to carry forward the remaining $22,759 of the 1942 loss as a deduction in 1943, claiming...

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