Royle v. Currie

Pi’ior to 1943 our statutes permitted a taxpayer, in determining his income tax liability, to deduct from his income only those losses sustained during the income year. c. 158 §322 P.L. 1939.

This provision was enlarged by c. 400 §4 S.L. 1943. That Act amended subsection 6 of §322 of the Revenue Act (G.S. 105-147) by adding a paragraph reading: “Losses may be carried forward by the taxpayer for two succeeding tax years as a credit against income received in either of the two succeeding year’s subject to the following limitations: (Not here material). The deduction herein authorized shall be…