Commonwealth v. Philadelphia Saving Fund Society

Opinion by

Mr. Justice Schaffer,

The matter before us on this appeal by The Philadelphia Saving Fund Society is whether it may deduct from gross income certain losses which it sustained, in order to arrive at the “net earnings or income” made liable to a state tax of three per cent, under Section 27 of the Act of June 1, 1889, P. L. 420, as amended by the Act of April 25, 1929, P. L. 668, 72 PS Sec. 2241. The court below decided the losses were not deductible, and entered judgment against appellant for $86,296.31,

The section of the act reads as follows: “From and after the passage of this act…