Foreman Manufacturing Company v. Johnson

Plaintiff claimed the 1957 net operating loss of $48,-575.87 as an allowable deduction against income in succeeding fiscal years under G.S. 105-147 (9) (d) which, in pertinent part, provides:

§ 105-147. Deductions. —In computing net income there shall be allowed as deductions the following items: * * * *(9) Losses of such nature as designated below: * # * * *

d. Losses in the nature of net economic losses sustained in any or all of the five preceding income years arising from business transactions or to capital or property as specified in a and b above subject to the following limitations:

1.…