Lamont v. Commissioner
United States Tax Court
Held, partnership capital losses may be offset against individual capital gains under 1936 Revenue Act. E. G. Wadel, 44 B. T. A. 1042, distinguished.
1Opinion of the Court
OPINION.
Kern, Judge:
The only question presented is whether petitioner may offset against his personal capital gains his distributive share of capital losses of a partnership which are not themselves allowable to the partnership because of the limitation of section 117 (d), Revenue Act of 1936.1 The allowable capital losses of the partnership were duly taken by it as deductions and also by petitioner to the extent of his share. All other issues are disposed of by concession or abandonment.
To state the question in issue with more particularity, it is whether, under the Revenue Act of 1936, the…
2Cases cited4 opinions
- Neuberger v. CommissionerSupreme Court of the United States · 1940
- Klingenstein v. United StatesUnited States Court of Claims · 1937
- Mosbacher v. United StatesSupreme Court of the United States · 1940
- Goodbody v. CommissionerUnited States Tax Court · 1943
3Cited by3 opinions
- Commissioner of Internal Revenue v. WhitneyCourt of Appeals for the Second Circuit · 1948
- Commissioner v. LamontCourt of Appeals for the Second Circuit · 1946
- Lamont v. CommissionerUnited States Tax Court · 1944