FRANK IX & SONS VIRGINIA CORP. v. COMMERCIAL OF INTERNAL REVENUE

Docket No. 3955-64.

45 T.C. 533 (1966)

FRANK IX & SONS VIRGINIA CORPORATION (N.J.), PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed March 11, 1966.


Attorney(s) appearing for the Case

Benjamin Nadel and Norman Nadel, for petitioner.

Leo A. Burgoyne, for respondent.


ATKINS, Judge:

The respondent determined deficiencies in income tax for the taxable years ended March 31, 1957, March 29, 1958, and March 28, 1959, in the respective amounts of $84,309.62, $115,954.90, and $22,329.76.

The parties having reached agreement with respect to certain issues, the only issue remaining is whether net operating losses sustained by the petitioner for the taxable years ended March 31, 1953 and 1954, may be carried over and deducted...

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