Statler Trust v. Commissioner
United States Tax Court
Held, in computing the alternative tax on long-term capital gains under section 1201(b), I.R.C. 1954, the amount of such gains is not to be reduced by the amount set aside by the taxpayer for charitable purposes. Walter M. Weil, 23 T.C. 424 (1954), affd. 229 F. 2d 593 (C.A. 6, 1956), followed.
1Opinion of the Court
OPINION
Withet, Judge:
The Commissioner has determined deficiencies in the income tax of the petitioners for 1954 as follows:
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The single issue presented in each proceeding is the correctness of the respondent’s action in determining that under the alternative method of income tax computation provided in section 1201 (b) of the Internal Revenue Code of 1954 where deductions (apart from deductions of amounts set aside for charity) were sufficient to offset ordinary income the 25-percent tax rate is to be applied to the entire amount of taxable net long-term capital gain and that such…
2Cases cited7 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Interstate Transit Lines v. CommissionerSupreme Court of the United States · 1943
- Walter M. Weil and Adele D. Weil v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1956
- Weil v. CommissionerUnited States Tax Court · 1954
2 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Chartier Real Estate Co. v. CommissionerUnited States Tax Court · 1969
- Edna Rice Meissner, Dorothy M. Freeman, and Edwin B. Meissner, Jr., Executors of the Estate of Edwin B. Meissner, Deceased v. The United StatesUnited States Court of Claims · 1966
- Pope & Talbot, Inc. v. CommissionerUnited States Tax Court · 1973
- Stevenson Co-Ply, Inc. v. CommissionerUnited States Tax Court · 1981
- Ellsworth M. Statler Trust v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1966
7 more not listed; retrieve them via the Exa API.