Gantner v. Commissioner
United States Tax Court
Held, losses on sales of stock options are not subject to disallowance as wash-sales pursuant to sec. 1091, I.R.C. 1954, because options are not "stock or securities" within the meaning of sec. 1091. Held, P is not entitled to deductions and investment credits relating to computers used by his employer, a corporation in which P is a 50-percent shareholder. Held, P is not entitled to deductions for a home office and other expenses.
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Held, losses on sales of stock options are not subject to disallowance as wash-sales pursuant to sec. 1091, I.R.C. 1954, because options are not "stock or securities" within the meaning of sec. 1091. Held, P is not entitled to deductions and investment credits relating to computers used by his employer, a corporation in which P is a 50-percent shareholder. Held, P is not entitled to deductions for a home office and other expenses. Held, regardless of the date of assessment, P is liable for increased interest pursuant to sec. 6621(c) because a substantial underpayment of taxes attributable to…
1Opinion of the Court
WELLS, Judge:
Respondent determined deficiencies in and additions to petitioners’ 1980 and 1981 Federal income taxes as follows:
_Additions to tax1_
Year Deficiency Sec. 6651(a)(1) Sec. 6653(a) Sec. 6653(a)(1) Sec. 6653(a)(2)
1980 $63,027.02 $4,848.79 $5,241.60 --- ---
1981 4,433.00 --- --- $248.10 (1)
150 percent of the interest due on $4,433
Respondent also determined that petitioners are liable for the increased rate of interest pursuant to section 6621(c).2
After settlement by the parties of several issues, the following remain for our decision: (1) Whether a loss on the sale of stock options…
2Cases cited36 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
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3Cited by35 opinions
- Laureys v. CommissionerUnited States Tax Court · 1989
- David E. Gantner and Sandra L. Gantner v. Commissioner of Internal Revenue, David E. Gantner and Sandra L. Gantner v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1990
- Gantner v. CommissionerUnited States Tax Court · 1989
- Noyce v. CommissionerUnited States Tax Court · 1991
- Kansas City S. Indus. v. CommissionerUnited States Tax Court · 1992
30 more not listed; retrieve them via the Exa API.