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
MARVIN L. LEVY AND WILHELMINA F. LEVY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Levy v. Commissioner
Docket No. 102708.
United States Board of Tax Appeals
46 B.T.A. 1145; 1942 BTA LEXIS 767;
May 13, 1942, Promulgated
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…
2Cases cited8 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
- Gummey v. CommissionerUnited States Board of Tax Appeals · 1932
- Schoenhut v. CommissionerUnited States Board of Tax Appeals · 1941
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