FEDERAL CEMENT TILE CO. v. COMMISSIONER

Docket Nos. 87574, 87686.

40 T.C. 1028 (1963)

FEDERAL CEMENT TILE COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed September 26, 1963.


Attorney(s) appearing for the Case

Thomas Eugene Foster and William J. Killbridge, for the petitioner.

Seymour I. Sherman, for the respondent.


ATKINS, Judge:

The respondent determined deficiencies in income tax for the taxable years 1953 to 1957, inclusive, in the respective amounts of $196,002.76, $288,146.03, $11,505.26, $111,762.82, and $14,085.74.

Certain issues have been disposed of by stipulation of the parties. The issues remaining for decision are (1) whether the petitioner, which sustained net operating losses in the calendar years 1950, 1951, and 1952 in the conduct of a cement roofing...

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