Bowers v. Commissioner

CHASE, Circuit Judge.

The petitioner suffered a statutory net loss of $253,285.73 in 1926 which he was admittedly entitled to deduct in 1927 to the extent of any net income he might have in that year. He did have net income of $66,172.98 in 1927 and used the deduction to free that income from taxation leaving a balance of his 1926 net loss to the amount of $187,112.75 available for purposes of deduction in the “next succeeding taxable year,” i. e. in 1928. See section 117 (b) o.f the Revenue Act of 1928 (26 U.S.C.A. § 117 note).

In 1928, however, the petitioner sustained a net loss regardless…