Fleming v. Commissioner
United States Tax Court
In their 1951 income tax return, filed March 15, 1952, petitioners made an error in computing the alternative tax in respect of reported capital gains. That error resulted in an understatement of $ 7,591.56 in tax. On December 23, 1954, the Commissioner determined a deficiency of $ 30,577.66 based primarily upon reclassifying certain capital gains as ordinary income.
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In their 1951 income tax return, filed March 15, 1952, petitioners made an error in computing the alternative tax in respect of reported capital gains. That error resulted in an understatement of $ 7,591.56 in tax. On December 23, 1954, the Commissioner determined a deficiency of $ 30,577.66 based primarily upon reclassifying certain capital gains as ordinary income. Such reclassification required a recomputation of the entire tax which was correctly made by the Commissioner. The petitioners' error in computation was not singled out in the deficiency notice, but was corrected by the…
1Opinion of the Court
OPINION.
Raum, Judge:
Petitioners are husband and wife residing in River Forest, Illinois. On or before March 15, 1952, they filed a joint income tax return for the calendar year 1951 with the collector of internal revenue for the first collection district of Illinois, at Chicago. The facts have been stipulated and are not in dispute.
In 1951 Patricia M. Fleming, petitioner, was a partner in Milky Way Hereford Ranch, entitled to share in income and gains and obligated to bear losses to the extent of 26 per cent of such gains and losses. On separate Schedule D of their 1951 return, petitioners…
2Cases cited1 opinion
- Richards v. CommissionerUnited States Board of Tax Appeals · 1928
3Cited by5 opinions
- Bradley v. CommissionerUnited States Tax Court · 1993
- Heasley v. CommissionerUnited States Tax Court · 1966
- Bradley v. CommissionerUnited States Tax Court · 1993
- Fleming v. CommissionerUnited States Tax Court · 1959
- Heasley v. CommissionerUnited States Tax Court · 1966