Montgomery v. Commissioner
United States Board of Tax Appeals
1. In applying the limitation on stock losses provided for in section 23(r)(1), Revenue Act of 1932, in a case where husband and wife file a single joint return, it is held that the losses of one spouse who had no gain from the sale or exchange of similar securities may not be used to offset the gains of the other. 2. Petitioner Robert H. Montgomery, who had a hobby of trees, became convinced in 1930 that a profitable business could be operated in growing rare and unusual…
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1. In applying the limitation on stock losses provided for in section 23(r)(1), Revenue Act of 1932, in a case where husband and wife file a single joint return, it is held that the losses of one spouse who had no gain from the sale or exchange of similar securities may not be used to offset the gains of the other. 2. Petitioner Robert H. Montgomery, who had a hobby of trees, became convinced in 1930 that a profitable business could be operated in growing rare and unusual varieties of evergreens. He caused a corporation to be organized to engage in such a business and acquired all of its…
1Opinion of the Court
*238OPINION.
Black:
At the hearing respondent conceded none, of the issues raised by the pleadings and facts were proved as to all of them, but in his brief respondent concedes that petitioners are right as to two of the issues which petitioners have designated as issues (4) and (5). The facts as to these issues were stipulated and we have omitted any reference to them in our findings of fact. Effect will be given to the stipulation as to these two issues and the concessions of respondent in a recomputation under Bule 50. This leaves for our consideration issues (1), (2), and (8).
Issue {!). — This…
2Cited by14 opinions
- WF Young, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1941
- Weir v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1940
- Montgomery v. United StatesUnited States Court of Claims · 1938
- Au v. CommissionerUnited States Tax Court · 1963
- Coe Laboratories, Inc. v. CommissionerUnited States Tax Court · 1960
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