Gummey v. Commissioner
United States Board of Tax Appeals
In computing the tax due under a single joint return filed by husband and wife, each should be treated as an individual taxpayer in applying the provisions of section 118 of the Revenue Act of 1928 to purchases and sales of stock.
1Opinion of the Court
opinion.
Artjndell :
The respondent has redetermined a deficiency of $1,313.10 in income tax against petitioner for 1929.
From the stipulation of facts filed by the parties it appears that in 1929 petitioner was married and living with his wife. At various times during the taxable year each purchased and sold through brokers on the stock exchange shares of stock of corporations, the sales occurring within thirty days before or after the purchase by the other of stock of the same corporation. They kept separate accounts with their brokers, for which separate funds of each were used.
In the joint…
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- Brochon v. CommissionerUnited States Board of Tax Appeals · 1934
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