Weil v. Commissioner
United States Tax Court
Petitioners' statutory deductions and credits exceeded their ordinary income (as distinguished from taxable capital gain) for the year 1948. Held, in computing the alternative tax pursuant to section 117 (c) (2), Internal Revenue Code of 1939, then in effect, the 50 per cent capital gain rate is to be applied to the taxable capital gain unreduced by the amount of the excess deductions and credits.
1Opinion of the Court
OPINION.
Fisher, Judge:
All of the facts were stipulated by the parties and are incorporated herein by reference.
Petitioners filed a joint income tax return for the calendar year 1948 with the then collector of internal revenue at Cleveland, Ohio. During that year, petitioners realized gain of $1,470,328.84 upon the sale or exchange of capital assets of which 50 per centum, or $735,164.42, constitutes net long-term capital gain pursuant to the provisions of section 117 (a) and (b), Internal Revenue Code of 1939. Also during that year they realized an adjusted gross income, exclusive of capital…
2Cases cited1 opinion
- Helvering v. BlissSupreme Court of the United States · 1934
3Cited by28 opinions
- In the Matter of Mobile Steel Company, Debtor. Elaine E. Benjamin v. Lester Y. Diamond, as Trustee in Bankruptcy for Mobile Steel, Inc.Court of Appeals for the Fifth Circuit · 1977
- Pesch v. CommissionerUnited States Tax Court · 1982
- United States v. Foster Lumber Co.Supreme Court of the United States · 1976
- Walter M. Weil and Adele D. Weil v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Chartier Real Estate Co. v. CommissionerUnited States Tax Court · 1969
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