Jefferson v. Commissioner
United States Tax Court
Held: 1. Where respondent failed to raise the affirmative defense of collateral estoppel in his pleadings or by motion, the defense is not available to him. 2. Unlike the circumstances in the prior case where the identical ultimate fact was in issue, petitioner has satisfied herein his burden of proving that he entered into a transaction for profit, thus rendering the loss incurred deductible under sec. 165(c)(2), I.R.C. 1954. 3. The doctrine of stare decisis is inapplicable…
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Held: 1. Where respondent failed to raise the affirmative defense of collateral estoppel in his pleadings or by motion, the defense is not available to him. 2. Unlike the circumstances in the prior case where the identical ultimate fact was in issue, petitioner has satisfied herein his burden of proving that he entered into a transaction for profit, thus rendering the loss incurred deductible under sec. 165(c)(2), I.R.C. 1954. 3. The doctrine of stare decisis is inapplicable because it requires adherence to principles of law but does not compel the same decision in factually distinguishable…
1Opinion of the Court
Dawson, Judge:
Respondent determined a deficiency of $599.90 in petitioner’s income tax for the year 1963. The single question presented is whether petitioner is entitled to a capital loss carryover deduction of $1,000 in the year 1963 arising out of a sale of property in 1961 for less than its purchase price.
FINDINGS OF FACT
Theodore B. Jefferson (herein referred to as petitioner) and his wife Elsie R. Jefferson, now deceased, filed their 1963 Federal income tax return with the district director of internal revenue at Chicago, Ill. Petitioner was a resident of Skokie, Ill., at the time he…
2Cases cited23 opinions
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Malat v. RiddellSupreme Court of the United States · 1966
- Amos v. CommissionerUnited States Tax Court · 1964
- John W. Amos v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1965
- Denver & Rio Grande Western Railroad Company v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1960
18 more not listed; retrieve them via the Exa API.
3Cited by49 opinions
- Niedringhaus v. CommissionerUnited States Tax Court · 1992
- Surloff v. CommissionerUnited States Tax Court · 1983
- Riss v. CommissionerUnited States Tax Court · 1971
- Finoli v. CommissionerUnited States Tax Court · 1986
- Gustafson v. CommissionerUnited States Tax Court · 1991
44 more not listed; retrieve them via the Exa API.