Goodbody v. Commissioner
United States Tax Court
A partner sustaining indivdual capital losses and having income consisting of his distributive share of partnership gains is not limited to $ 2,000 in his deduction for loss but is entitled, under section 117 (d), Revenue Act of 1936, to deduct $ 2,000 plus such distributive share of partnership gain. Neuberger v. Commissioner, 311 U.S. 83.
1Opinion of the Court
OPINION.
Sternhagen, Judge:
The Commissioner determined an income tax deficiency of $1,337.53 for 1937. He limited to $2,000 the deduction for losses sustained in the sale of capital assets, although the taxpayer’s distributive share of gains of his partnership from the sale of capital assets was greater than $2,000. The facts are all contained in a stipulation.
The taxpayer, a resident of Ridgewood, New Jersey, filed his 1937 income tax return in the fifth district of New Jersey. He was a member of a New York brokerage partnership. In 1937, in the sale for $558,803.89 of securities (stipulated…
2Cases cited1 opinion
- Neuberger v. CommissionerSupreme Court of the United States · 1940
3Cited by4 opinions
- Commissioner v. LamontCourt of Appeals for the Second Circuit · 1946
- Lamont v. CommissionerUnited States Tax Court · 1944
- Goodbody v. CommissionerUnited States Tax Court · 1943
- Lamont v. CommissionerUnited States Tax Court · 1944