Levy v. Commissioner
United States Board of Tax Appeals
Held, petitioners, who were active traders in securities, may not deduct commissions paid on the sale of securities as ordinary and necessary business expenses; held, further, petitioners, who, as husband and wife, filed a joint return, may not deduct capital losses sustained by each, to the extent of $2,000. The aggregate of such deductions for both is limited to $2,000.
1Opinion of the Court
*1146OPINION.
Disney:
Upon the authority of Spreckels v. Helvering, 315 U. S. 626, we decide in favor of respondent on the first issue herein, involving the treatment of commissions on the sale of securities, and hold that such commissions are not deductible as business expense.
The second issue is raised by respondent’s amended answer, in which he alleges that he erred in allowing capital loss deductions aggregating $3,477.87, consisting of $2,000 deduction by the wife, who had capital losses in excess of $2,000, and a $1,477.87 deduction by the husband, whose capital losses were in that amount.…
2Cases cited3 opinions
- Spreckels v. CommissionerSupreme Court of the United States · 1942
- Taft v. HelveringSupreme Court of the United States · 1940
- Helvering v. JanneySupreme Court of the United States · 1940
3Cited by5 opinions
- Ross v. CommissionerUnited States Tax Court · 1961
- Commissioner v. UniackeCourt of Appeals for the Second Circuit · 1942
- Levy v. CommissionerUnited States Board of Tax Appeals · 1942
- Ross v. CommissionerUnited States Tax Court · 1961
- Tweedy v. CommissionerUnited States Board of Tax Appeals · 1942