Lamont v. Commissioner

Thomas W. Lamont, Petitioner, v. Commissioner of Internal Revenue, Respondent

Lamont v. Commissioner

Docket No. 1419

United States Tax Court

3 T.C. 1217; 1944 U.S. Tax Ct. LEXIS 70;

August 11, 1944, Promulgated

Decision will be entered under Rule 50.

Held, partnership capital losses may be offset against individual capital gains under 1936 Revenue Act. E. G. Wadel, 44 B. T. A. 1042, distinguished.

Josiah Willard, Esq., and Walter S. Orr, Esq., for the petitioner.

Scott A. Dahlquist, Esq., for the respondent.

Kern, Judge.

KERN

Respondent determined a deficiency in petitioner's income tax for the year 1937…