The respondent determined a deficiency in income tax against the petitioner for the year 1950 in the amount of $1,159.26. Petitioner has conceded that the respondent correctly determined a deficiency of $415.97.
The respondent disallowed a deduction of $5,173.36 as a net operating loss carry-over from 1949, claimed by petitioner in 1950. Only the amount of $2,956.37 is in controversy. The question presented is whether a loss sustained by petitioner on the sale of...
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.
