United States Board of Tax Appeals October 31, 1932, Docket No. 46465. (Joseph & Feiss Co. v. Commissioner)

lead-opinion

*1426OPINION.

GoodRICh :

Petitioner contends that the calendar year 1926 is the “ succeeding taxable year ” and the calendar year 1927 is the “ next succeeding taxable year ” designated in section 206 (a) of the Revenue Act of 1926, and that against the income derived by itself and its affiliate during those years should be applied, to the extent permitted under the decision in