Allen v. Commissioner
United States Tax Court
1. The petitioner was married and owned an oil and gas business on July 26, 1945, the effective date of the Oklahoma community property law. In 1946, a net loss was sustained.
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1. The petitioner was married and owned an oil and gas business on July 26, 1945, the effective date of the Oklahoma community property law. In 1946, a net loss was sustained. Held, for carry-back purposes the portion of the loss resulting from the cancellation of leases, which were property acquired by petitioner prior to July 26, 1945, was his loss, and the remainder, in the absence of any evidence tracing all or some portion of it to property acquired by him prior to that date, was a community loss as determined by the respondent. 2. The net loss sustained from the operation of the…
1Opinion of the Court
OPINION.
Raum, Judge:
1. Petitioner filed separate returns for 1944 and 1945, but he and his wife filed a joint return for 1946 when a net operating loss in the amount of $67,204.06 was sustained. The tax years before us are 1944 and 1945, and the principal question is how much of the 1946 loss, if any, petitioner may take into account in computing the carry-back to be applied against his individual income for the 2 preceding years. Sec. 122, I. R. C. The mere fact that a joint return is filed does not entitle either spouse to utilize the composite net operating loss of both husband and wife…
2Cases cited12 opinions
- Commissioner v. HarmonSupreme Court of the United States · 1944
- Sanders v. CommissionerUnited States Tax Court · 1954
- Hammonds v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1939
- Trapp v. United StatesCourt of Appeals for the Tenth Circuit · 1949
- Johnson v. CommissionerUnited States Tax Court · 1943
7 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Bloomfield v. CommissionerUnited States Tax Court · 1969
- Powell v. CommissionerUnited States Tax Court · 1967
- A. L. Wasson and Wife, Mattie Pallmeyer Wasson v. United StatesCourt of Appeals for the Fifth Circuit · 1958
- Miller v. CommissionerUnited States Tax Court · 1980
- Allen v. CommissionerUnited States Tax Court · 1954
3 more not listed; retrieve them via the Exa API.