Rothbart v. Commissioner

OPINION.

Hakron, Judge:

The question is whether the loss which was sustained in 1951 qualifies as a net operating loss under section 122,1939 Code, which may be carried back to 1950 and carried forward to 1952. The parties are agreed about the facts; the question involves application of section 122. Petitioners claim net operating loss deductions in 19.50 and 1952 under section 23 (s).

The facts may be summarized briefly as follows: Petitioner Irving Eothbart is a certified public accountant. In 1948, one of his clients, Platt, interested him in an oil venture in Stone County, Mississippi, where…