Klauber v. Commissioner
United States Board of Tax Appeals
Held, petitioner is not entitled, under the provisions of section 23(r), Revenue Act of 1932, to deduct a loss sustained by him individually in 1932 from sales of securities, not capital assets, from his distributive share of profits derived from similar sales by a partnership of which petitioner was a member. Percy H. Johnston,34 B.T.A. 276, followed.
1Opinion of the Court
OPINION.
Hill :
This is a proceeding for the redetermination of a deficiency in income tax for the year 1932 in the amount of $3,001.12. The sole issue is whether or not petitioner is entitled, under the provisions of section 23 (r) of the Revenue Act of 1932, to apply his individual loss resulting from sales during the taxable year of stocks and securities, not capital assets, against his distributive share of partnership gain in the same year from sales of stocks and securities, not capital assets.
The facts were stipulated by the parties as follows:
During the year 1932, petitioner traded in…
2Cited by2 opinions
- Klingenstein v. United StatesUnited States Court of Claims · 1937
- Klauber v. CommissionerUnited States Board of Tax Appeals · 1936