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FOUNDATION CO. v. COMMISSIONER

Docket No. 10448.

14 T.C. 1333 (1950)

THE FOUNDATION COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated June 30, 1950.

Attorney(s) appearing for the Case

Joseph C. White, Esq., and Marcel W. Singer, Esq., for the petitioner.

William A. Schmitt, Esq., for the respondent.

HARRON, Judge:

Respondent determined a deficiency in petitioner's income tax for the calendar year 1942 in the amount of $151,506.73. This deficiency results principally from respondent's disallowance of alleged net operating loss carry-overs from 1940 and 1941 and an alleged net operating loss carry-back from 1943. Petitioner contests this disallowance, but does not contest certain other adjustments to its net income for 1942 made in the notice of deficiency...

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