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J. G. DUDLEY COMPANY v. C. I. R.

No. 8436.

298 F.2d 750 (1962)

J. G. DUDLEY COMPANY, Incorporated (Formerly Headen Hosiery Mills, Incorporated), Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided January 11, 1962.

Attorney(s) appearing for the Case

John P. Allison, New York City (Arthur L. Kimmelfield, and Marshall, Bratter, Greene, Allison & Tucker, New York City, on the brief), for petitioner.

Morton K. Rothschild, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen. and Lee A. Jackson, Atty., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before SOPER, BRYAN and BELL, Circuit Judges.

SOPER, Circuit Judge.

This case involves the application of the carry-over provisions of Section 122 (b) (2) (B) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 122(b) (2) (B), under which losses incurred by a taxpayer in earlier years may be carried over and deducted in computing the taxable income in the tax year. The benefit of this section was claimed by the taxpayer in this case for the years 1954 and 1955 but...

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