Erfurth v. Commissioner
United States Tax Court
Held, in computing their net operating loss deduction under sec. 172, petitioners may not reduce business capital gains by the excess of nonbusiness capital losses over nonbusiness capital gains. Held, further, sec. 1.172-3(a)(2)(ii), Income Tax Regs., is a valid interpretation of the statute.
1Opinion of the Court
OPINION
Ekman, Judge:
Respondent determined a deficiency in petitioners’ Federal income tax for 1971 in the amount of $10,865.59. The sole issue for decision is whether petitioners may utilize nonbusiness capital losses in excess of nonbusiness capital gains to offset business capital gains in computing their net operating loss.
This case was submitted fully stipulated pursuant to Rule 122, Tax Court Rules of Practice and Procedure. The stipulation of facts with exhibits attached is incorporated herein by this reference. The facts pertinent to the resolution of the issue presented are as follows.
2Cases cited13 opinions
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Fourco Glass Co. v. Transmirra Products Corp.Supreme Court of the United States · 1957
- Helvering v. WinmillSupreme Court of the United States · 1938
- Muniz v. HoffmanSupreme Court of the United States · 1975
- Koshland v. HelveringSupreme Court of the United States · 1936
8 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Crow v. CommissionerUnited States Tax Court · 1982
- Marcus v. Comm'rUnited States Tax Court · 2007
- Spitz v. Comm'rUnited States Tax Court · 2006
- Crow v. CommissionerUnited States Tax Court · 1982
- Erfurth v. CommissionerUnited States Tax Court · 1981
4 more not listed; retrieve them via the Exa API.