Legal Opinion
Palahnuk v. Commissioner
Court of Appeals for the Second Circuit
Decided September 29, 2008No. Docket 07-0770-agPublishedCited by 4 opinions
1Per curiam
On appeal from the United States Tax Court (David Laro, Judge), petitioners Jonathan and Kimberly Palahnuk contend that section 56(d) of the Internal Revenue Code (“I.R.C.” or “the Code”), 26 U.S.C. §§ 1 et seq., allows them to fully deduct certain capital losses notwithstanding the limitations on capital loss deductions in I.R.C. §§ 172(c), 172(d), and 1211(b). 1 As applied by petitioners, this approach would have effectively eliminated their entire tax liability for the year. We reject this approach, as have the United States Courts of Appeals for the Fifth, Ninth, and Federal Circuits, 2…
2Cases cited7 opinions
- Exxon Mobil Corp. v. Allapattah Services, Inc.Supreme Court of the United States · 2005
- Merlo v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 2007
- Merrill Lynch & Co., Inc., and Subsidiaries v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 2004
- Palahnuk v. Comm'rUnited States Tax Court · 2006
- Kadillak v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 2008
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3Cited by4 opinions
- Graev v. Comm'rUnited States Tax Court · 2016
- Palmolive Bldg. Investors, LLC v. Comm'rUnited States Tax Court · 2017
- Saunders v. Comm'rUnited States Tax Court · 2010
- Swartz v. United StatesDistrict Court, E.D. New York · 2021