Moore Cotton Mills Co. v. Commissioner
United States Board of Tax Appeals
The provisions of section 204(b) of the Revenue Act of 1921, concerning the second taxable year after the taxpayer has sustained a net loss are to be literally interpreted and applied, article 1602 of Regulations 62 to the contrary notwithstanding.
1Opinion of the Court
*663OPINION.
Love:
The Revenue Act of 1921 provides:
Sec. 204. (b) If for any taxable year beginning after December 31, 1920, it appears upon tlie 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 the next succeeding taxable year; the deduction in all cases to be made under…
2Cited by3 opinions
- Alabama By-Products Corp. v. CommissionerUnited States Board of Tax Appeals · 1930
- Buckie Printers' Ink Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Moore Cotton Mills Co. v. CommissionerUnited States Board of Tax Appeals · 1929