Ross v. Commissioner
United States Tax Court
Petitioners are husband and wife residing in California, a community property State. In each of the years 1955 and 1956, taking into account capital loss carryovers from 1954, they filed joint returns claiming capital loss deductions under section 1211(b), I.R.C. 1954, in the amount of $ 1,000 for the husband and $ 1,000 for the wife, or a total of $ 2,000. Held, petitioners are limited to only one $ 1,000 capital loss deduction for each of the years involved.
1Opinion of the Court
OPINION.
Bruce, Judge:
Respondent determined deficiencies in petitioners’ income taxes for the years 1955 and 1956 in the amounts of $155.09 and $206.87, respectively.
The sole question for our consideration is whether, in the case of a joint return filed by taxpayers who reside in a community property State, capital losses are allowable to the extent of capital gains plus $1,000 for the husband and $1,000 for the wife, or whether the total amount allowable per return is limited to $1,000 in excess of offsetting capital gains.
Petitioners did not appear in person or by counsel at the hearing…
2Cases cited3 opinions
- Helvering v. JanneySupreme Court of the United States · 1940
- Tweedy v. CommissionerUnited States Board of Tax Appeals · 1942
- Levy v. CommissionerUnited States Board of Tax Appeals · 1942
3Cited by8 opinions
- Renoir v. CommissionerUnited States Tax Court · 1962
- Ebberts v. CommissionerUnited States Tax Court · 1968
- Anderson v. CommissionerUnited States Tax Court · 1981
- Anderson v. CommissionerUnited States Tax Court · 1981
- Ebberts v. CommissionerUnited States Tax Court · 1968
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