Mill Ridge Coal Company v. George D. Patterson, District Director of Internal Revenue

HUTCHESON, Chief Judge.

This appeal, re-presenting here the claim for refund ineffectually urged below, that in paying the deficiency assessed against it for its fiscal year ending August 31, 1955, taxpayer overpaid its taxes, seeks a reversal of the adverse judgment. This claim was, and is, based upon taxpayer’s contention that the commissioner erroneously denied it the right to deduct from its income for that year a net operating loss carry-over deduction which was based on a loss sustained by it prior to that year.

On the facts, 1 established by stipulation and undisputed testimony, the dis…