Hellermann v. Commissioner
United States Tax Court
Held: Gain which is attributable solely to inflation is income within the meaning of the 16th Amendment, and thus is taxable without apportionment. Accordingly, petitioners are liable for capital gains tax and the minimum tax under sec. 56, I.R.C. 1954, on the full dollar amount of gain realized from the sale in 1976 of real property purchased in 1964.
1Opinion of the Court
OPINION
Ekman, Judge:
Respondent determined a deficiency of $11,206.60 in petitioners’ Federal income taxes for 1976. The sole issue for our decision is whether that portion of gain from the sale of property, which is attributable solely to inflation, is income within the meaning of the 16th Amendment.
All the facts have been stipulated and are so found. The stipulation of facts and exhibits attached thereto are incorporated herein by this reference. The pertinent facts are summarized below.
Petitioners Arthur K. Hellermann and V. Louise Heller-mann resided in Milwaukee, Wis., when they filed…
2Cases cited15 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Gajewski v. CommissionerUnited States Tax Court · 1976
- Burnet v. LoganSupreme Court of the United States · 1931
- Knox v. LeeSupreme Court of the United States · 1871
- Norman v. Baltimore & Ohio RailroadSupreme Court of the United States · 1935
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3Cited by20 opinions
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- Nordtvedt v. CommissionerCourt of Appeals for the Ninth Circuit · 2001
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