Byron Weston Co. v. United States

Plaintiff in its petition alleges that it sustained a loss of $40,351.51 for the calendar year 1942. When it filed its income tax return for 1943 it claimed this loss as a deduction from its 1943 income. Under the statute this loss was deductible first from its 1941 income, and only the excess of the loss over the 1941 income was deductible from 1943 income. There was no excess.

*233Section 122 of the Internal Revenue Code, which was added by the Revenue Act of 1939, c. 247, 53 Stat. 862, 867, section 211 (b), provides:

* * * * #(b) [as amended by the Revenue Act of 1942, c. 619, 56 Stat. 798, 847,…