Swift & Co. v. United States

GREEN, Judge.

This is a suit on a claim for the refund of income and profits taxes for the taxable year 1918, based on section 204(b) of the Revenue Act of 1918 (40 Stat. 1061), which provided that:

“If for any taxable year beginning after October 31, 1918, and ending prior to January 1,1920, * * any taxpayer has sustained a net loss, the amount of such net loss shall * * 3 be deducted from the net income of the taxpayer for the preceding taxable year; and the taxes imposed by this title [Income taxes] and by Title III [Profits taxes] for such preceding taxable year shall be redetermined…