Helvering v. Janney

These cases present the same question, that is, whether under the Revenue Act of 1934, in the case of a joint return’ by husband and wife, the capital losses of one spouse may be deducted from the capital gains of the other.

In Helvering v. Janney, the wife realized net gains from the sale of capital assets during 1934, and the husband realized net losses from the sale of capital assets during the same year. They filed a joint income tax return reporting the capital gain, which represented the difference between the wife’s adjusted capital gains and the husband’s adjusted capital losses.. The…