Ward v. Clayton

The sole question is whether, in computing the taxpaper’s net income for 1963, the deduction allowable under G.S. 105-147 for a loss of property by fire is to be ascertained as provided in G.S. 105-144.

The statutory provisions applicable to the determination of the taxpayer’s net income for 1963 are the following:

G.S. 105-144, in pertinent part, provides: “(a) ... in ascertaining the gain or loss from the sale or other disposition of property: (1) For property acquired after January 1, 1921, and before July 1, 1963, the basis shall be the cost thereof; . . . .” (Our italics.)

G.S. 105-147, in…