Petrovich Boscio v. Secretary of the Treasury

ON RECONSIDERATION

Mr. Justice Saldaña

delivered the opinion of the Court.

The taxpayer urges this Court to reconsider its opinion affirming the judgment of the lower court. The two questions presented are, briefly: (1) Is the net. loss sustained by the partnership in 1940 deductible for the purpose of determining the net income distributable in 1941 (that is, the partnership profits in that year which are subject to the payment of income tax by the partners, regardless of whether or not they are undistributed) in the same manner as it is deductible for the purpose of determining the…