Commissioner v. Moore, Inc.

SIBLEY, Circuit Judge.

The taxpayer in the calendar year 1941 had short term capital gains of $2,844, and a long term capital loss of $17,025. In the calendar year 1942 he claimed a net-operating-loss carry-over of $1,883 gotten by taking into account both the long term loss and the short term gain. The Commissioner thought that under the law in force in 1941 long and short term capital operations were separate, and since there was no long-term gain no long-term capital loss could be considered, with the result that there was no net-operating-loss to be carried ever; and he assessed a…