Tax
Appeal of LYNN IDEAL SHOE CO.
1 B.T.A. 998·United States Board of Tax Appeals·1925
Before Phillips, Smith, and Tkussell.
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Opinion
Appeal of LYNN IDEAL SHOE CO.
Docket No. 1699.
Submitted April 6, 1925;
decided April 13, 1925.
Samuel J. Stone, G. P. A., for the taxpayer.
Willis D. Nance, Esq., for the Commissioner.
Before Phillips, Smith, and Tkussell.
The taxpayer appeals from an alleged deficiency in income and, profits taxes for the year 1920, in the amount of $1,200.62. The question involved is the right of the taxpayer to deduct from the gross income of 1920, under section 204 of the Revenue Act of 1918, a net loss sustained for the period January 21 to December 31, 1919.
FINDINGS OF FACT.
The taxpayer was incorporated January 21, 1919, and sustained a net operating loss of $4,056.58 for the period January 21 to December 31, 1919.
[MAJORITY]
DECISION.
In accordance with the decision in the Appeal of Butler’s Warehouses, Inc., 1 B. T. A. 851, the determination of the Commissioner of a deficiency in tax for the year 1920, in the amount of $1,200.62, is approved.