Long v. Commissioner
United States Tax Court
Petitioner, as the beneficiary of an estate, claimed certain unused capital loss carryovers of the estate upon its termination. The estate was a successor to the decedent's interest in a partnership. At the decedent's death, the partnership had certain bank loans outstanding and, along with the decedent and his partners, was the defendant in certain law suits involving the partnership's business.
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Petitioner, as the beneficiary of an estate, claimed certain unused capital loss carryovers of the estate upon its termination. The estate was a successor to the decedent's interest in a partnership. At the decedent's death, the partnership had certain bank loans outstanding and, along with the decedent and his partners, was the defendant in certain law suits involving the partnership's business. The banks and the plaintiffs filed their respective claims against the estate, which were settled and paid by the estate. The estate deducted those claims under sec. 2053, I.R.C. 1954, in computing…
1Opinion of the Court
OPINION
Tietjens, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes in the amounts of $18,349.85 for 1971 and $2,164.44 for 1972. After certain concessions, the issue remaining is whether petitioner-husband, as beneficiary of the Estate of John C. Long, may use a net long-term capital loss carryover from the estate.
The facts have been fully stipulated. The stipulations of facts and attached exhibits are incorporated herein by reference.
Petitioners Marshall Long and Betty C. Long resided in Leawood, Kans., when they filed their petition. They filed their joint…
2Cases cited14 opinions
- Shomaker v. CommissionerUnited States Tax Court · 1962
- Bolger v. CommissionerUnited States Tax Court · 1973
- Albany Car Wheel Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1964
- Douglas J. And Marguerite H. Lemery, and Raymond J. And Myrtle Lemery v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1971
- Lemery v. CommissionerUnited States Tax Court · 1969
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