Lynn Ideal Shoe Co. v. Commissioner

*998 Before PHILLIPS, SMITH, and TRUSSELL.

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.

DECISION.

In accordance with the decision in the , the determination of the Commissioner of a deficiency in tax for the year 1920, in the amount of $1,200.62, is approved.