net loss
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 287 U.S. 410 - Burnet v. Clark · 1932Most cited · 635 citing opinions
only net losses resulting from the operation of any trade or business regularly carried on by the taxpayer (including losses sustained from the sale or other disposition of real estate, machinery, and other capital assets, used in the conduct of such trade or business); and when so resulting means the excess of the deductions allowed by section 214 or 234, as the ease may be, over the sum of the following: (1) The gross income of the taxpayer for the taxa