Newblock Oil Co. of Texas v. Commissioner

*698OPINION.

Sea well: The following sections of the Revenue Act of 1921 are applicable in the determination of the issues herein:

Seo. 204. (b) If for any taxable year beginning after December 31, 1920, it appears upon the production of evidence satisfactory to the Commissioner that any taxpayer has sustained a net loss, the amount thereof shall be deducted from the net income of the taxpayer for the succeeding taxable year; and if such net loss is in excess of the net income for such succeeding taxable year, the amount of such excess shall be allowed as a deduction in computing the net income for…