Anderson v. Commissioner
United States Tax Court
Petitioners are husband and wife residing in California, a community property State. In 1976, they filed a joint return which reported a net capital gain in excess of $ 25,000 and deducted one-half of said gain under sec. 1202, I.R.C. 1954. Thus, their items of tax preference as defined in sec. 57(a)(9)(A), I.R.C. 1954, exceed $ 12,500. Held, the amount over which petitioners' items of tax preference are subject to tax pursuant to sec. 56(a), I.R.C. 1954, is $ 10,000 and not…
Read the full summary
Petitioners are husband and wife residing in California, a community property State. In 1976, they filed a joint return which reported a net capital gain in excess of $ 25,000 and deducted one-half of said gain under sec. 1202, I.R.C. 1954. Thus, their items of tax preference as defined in sec. 57(a)(9)(A), I.R.C. 1954, exceed $ 12,500. Held, the amount over which petitioners' items of tax preference are subject to tax pursuant to sec. 56(a), I.R.C. 1954, is $ 10,000 and not $ 20,000.
1Opinion of the Court
Harvey R. and Janice Anderson, Petitioners v. Commissioner of Internal Revenue, Respondent
Anderson v. Commissioner
Docket No. 2898-80
United States Tax Court
77 T.C. 1271; 1981 U.S. Tax Ct. LEXIS 10;
December 17, 1981, Filed
Petitioners are husband and wife residing in California, a community property State. In 1976, they filed a joint return which reported a net capital gain in excess of $ 25,000 and deducted one-half of said gain under sec. 1202, I.R.C. 1954. Thus, their items of tax preference as defined in sec. 57(a)(9)(A), I.R.C. 1954, exceed $ 12,500. Held, the amount over which petitioners'…
2Cases cited5 opinions
- Taft v. HelveringSupreme Court of the United States · 1940
- Helvering v. JanneySupreme Court of the United States · 1940
- Ross v. CommissionerUnited States Tax Court · 1961
- Tweedy v. CommissionerUnited States Board of Tax Appeals · 1942
- Anderson v. CommissionerUnited States Tax Court · 1981