Fawsett v. Commissioner
United States Board of Tax Appeals
In the taxable year petitioner ordered the sale of certain securities and at the same time, acting as agent for his wife, ordered the purchase of the same quantities of the same issues for the account of his wife; he also, as agent for his wife, ordered the sale of certain of her securities and at the same time ordered the purchase of the same quantities of the same issues for his own account.
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In the taxable year petitioner ordered the sale of certain securities and at the same time, acting as agent for his wife, ordered the purchase of the same quantities of the same issues for the account of his wife; he also, as agent for his wife, ordered the sale of certain of her securities and at the same time ordered the purchase of the same quantities of the same issues for his own account. The orders were executed through a brokerage house with which petitioner and his wife had substantial individual accounts and the transactions were reflected in their separate accounts. Held, the sales…
1Opinion of the Court
*141OPINION.
Aeundell :
At the time the sales of securities took place both petitioner and his wife were taxpayers within the meaning of the Revenue Act of 1928. Each had bought securities at a price and each had sold these securities for a price less than what they had paid for them. Under such circumstances each sustained a loss which section 23 (e) permits to be deducted in determining their net income for the purpose of taxation.
But respondent contends that by reason of electing to report their income for 1929 in a joint return, a privilege which the statute grants to married persons,…
2Cases cited7 opinions
- Gould v. GouldSupreme Court of the United States · 1917
- Crooks v. HarrelsonSupreme Court of the United States · 1930
- New York Trust Co. v. EisnerSupreme Court of the United States · 1921
- Hoeper v. Tax Comm'n of Wis.Supreme Court of the United States · 1931
- Gummey v. CommissionerUnited States Board of Tax Appeals · 1932
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Cole v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1935
- Cole v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1935
- Fawsett v. CommissionerUnited States Board of Tax Appeals · 1934