Ammann v. Commissioner
United States Tax Court
Sec. 117 (j) (2), I. R. C., 1939. -- Partnership Loss and Individual Gain. -- Partnership long-term losses from noncapital assets became ordinary losses of partnership under section 117 (j) of the Internal Revenue Code of 1939 in computing its distributable income where partnership had no section 117 (j) gains, and a partner's share of such losses does not offset his long-term gains from individually owned noncapital assets.
1Opinion of the Court
OPINION.
MuRdock, Judge:
The Commissioner determined a deficiency of $807.92 in income tax of the petitioners for 1949. The only issue for decision is whether a partner’s share of Internal Revenue Code, 1939, section 117 (j), loss of the partnership is to be offset by individual section 117 (j) gains of the taxpayer-partner. The stipulation of the parties is adopted as the findings of fact.
The petitioners, husband and wife, filed a joint return for 1949 with the collector of internal revuene for the first district of Texas.
Jack was a member of a partnership which sustained losses from the sale…
2Cases cited2 opinions
- Bentex Oil Corp. v. CommissionerUnited States Tax Court · 1953
- Scherf v. CommissionerUnited States Tax Court · 1953
3Cited by7 opinions
- Commissioner of Internal Revenue v. Jack Jordan Ammann and Dorothy Lee AmmannCourt of Appeals for the Fifth Circuit · 1956
- Townend v. CommissionerUnited States Tax Court · 1956
- Commissioner of Internal Revenue v. Jacob (Jay) Paley and Lillian PaleyCourt of Appeals for the Ninth Circuit · 1956
- Paley v. CommissionerUnited States Tax Court · 1954
- Ammann v. CommissionerUnited States Tax Court · 1954
2 more not listed; retrieve them via the Exa API.