WALLACE CORP. v. COMMISSIONER

Docket No. 95195.

23 T.C.M. 39 (1964)

T.C. Memo. 1964-10

The Wallace Corporation v. Commissioner.

United States Tax Court.

Filed January 23, 1964.


Attorney(s) appearing for the Case

Robert Ash, 1921 Eye St., N. W., Washington, D. C. and Charles H. Burton for the petitioner Donald P. Krainess for the respondent.


Memorandum Findings of Fact and Opinion

Respondent determined deficiencies in petitioner's Federal income tax for its fiscal years ended June 30, 1958, and June 30, 1959, in the respective amounts of $44,271.43 and $15,599.42. The sole issue for our consideration is whether respondent erred in determining that petitioner is not entitled to net operating loss deductions in each of the fiscal years in issue for carryover...

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