Erfurth v. Commissioner
United States Tax Court
Held, in computing their net operating loss deduction under sec. 172, petitioners may not reduce business capital gains by the excess of nonbusiness capital losses over nonbusiness capital gains. Held, further, sec. 1.172-3(a)(2)(ii), Income Tax Regs., is a valid interpretation of the statute.
1Opinion of the Court
Henry Erfurth and Evelyn Erfurth, Petitioners v. Commissioner of Internal Revenue, Respondent
Erfurth v. Commissioner
Docket No. 15798-79
United States Tax Court
77 T.C. 570; 1981 U.S. Tax Ct. LEXIS 63;
September 14, 1981, Filed
Decision will be entered for the respondent.
Held, in computing their net operating loss deduction under sec. 172, petitioners may not reduce business capital gains by the excess of nonbusiness capital losses over nonbusiness capital gains. Held, further, sec. 1.172-3(a)(2)(ii), Income Tax Regs., is a valid interpretation of the statute.
James F. Campion, for the petitioners.
J…
2Cases cited14 opinions
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Fourco Glass Co. v. Transmirra Products Corp.Supreme Court of the United States · 1957
- Helvering v. WinmillSupreme Court of the United States · 1938
- Muniz v. HoffmanSupreme Court of the United States · 1975
- Koshland v. HelveringSupreme Court of the United States · 1936
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