Case Name: Appeal of KEYSTONE TABLE COMPANY
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1925-01-27
Citations: 1 B.T.A. 382
Docket Number: Docket No. 533
Parties: Appeal of KEYSTONE TABLE COMPANY.
Judges: Before Geaupner, LaNSdoN, LittletoN, and Smith. •
Reporter: Reports of the United States Board of Tax Appeals
Volume: 1
Pages: 382–383

Head Matter:
Appeal of KEYSTONE TABLE COMPANY.
Docket No. 533.
Submitted January 12, 1925;
decided January 27, 1925.
Mr. W. 0. Knaub, General Manager of the company, for the tax?payer.
J. A. Adams, Esq. (Nelson T. Hartson, Solicitor of Internal Revenue) for the Commissioner..
Before Geaupner, LaNSdoN, LittletoN, and Smith. •

Opinion:
OPINION.
Graupner :
The Revenue Act of 1918 contains no provisions which would permit the taxpayer to deduct the loss sustained by it in 1920 from the net income of the year 1921. Section 204(b) of the 1921 act expressly limits the operation of its provisions to losses sustained after December 31, 1920. Section 204(b) of the 1918 act provides no relief for the taxpayer and it is without the privilege granted in the later act; therefore, the determination of the Commissioner must be sustained.