Harris v. Commissioner
United States Tax Court
Held, on the facts, that the capital losses sustained by the trust are chargeable against corpus and are not deductible from income.
1Opinion of the Court
OPINION.
Hill, Judge:
These proceedings involve proposed deficiencies in income tax for the year 1941 as follows:
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The question is whether the capital loss sustained by the testamentary trust on the sale of shares of stock constitutes a charge against the income of the trust or against the corpus.
The facts are found as stipulated and are summarized herein.
The petitioners, Irma L. Harris and Leila K. Liebman, individuals, residents of Atlanta, Georgia, filed their returns for the year involved with the collector of internal revenue for the district of Georgia. Isaac Liebman, who died…
2Cases cited1 opinion
- Anderson v. WilsonSupreme Court of the United States · 1933
3Cited by6 opinions
- Case v. CommissionerUnited States Tax Court · 1947
- Koepfli v. CommissionerUnited States Tax Court · 1948
- Case v. CommissionerUnited States Tax Court · 1947
- Harris v. CommissionerUnited States Tax Court · 1945
- Koepfli v. CommissionerUnited States Tax Court · 1948
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