Durabilt Steel Locker Co. v. Commissioner

Smith:

This is a proceeding for the redetermination of a deficiency in income tax for the fiscal year ended April 30, 1923, in the amount of $793.94, arising from the disallowance of a deduction from gross income of a net loss sustained for the period May 7, 1921, to April 30, 1922.

FINDINGS OF FACT.

The petitioner was incorporated under the laws of Illinois on May 7, 1921, and kept its books of account on a fiscal year basis ended April 30. For the fiscal period ended April 30, 1922, the petitioner had a net loss of $6,351.49. It filed án income-tax return for the succeeding fiscal year ended…