Commissioner v. Lamont
Court of Appeals for the Second Circuit
1Opinion of the Court
CLARK, Circuit Judge.
The question here is whether partnership capital losses may be offset against individual capital gains in computing a partner’s income tax for 1937 under the Revenue Act of 1936. The respondent taxpayer had reported both personal income and his distributable share of the income of J. P. Morgan & Co., a New York partnership which also did business in Philadelphia under the name of Drexel & Co. In addition, however, he showed individual capital gains and losses leaving a net taxable capital gain of $55,249.96, against which he would set off his share of partnership capital…
Also in this document: Concurrence.
2Cases cited14 opinions
- Dobson v. CommissionerSupreme Court of the United States · 1944
- Commissioner v. WilcoxSupreme Court of the United States · 1946
- United States v. StewartSupreme Court of the United States · 1940
- Harrison v. Northern Trust Co.Supreme Court of the United States · 1943
- Neuberger v. CommissionerSupreme Court of the United States · 1940
9 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Commissioner of Internal Revenue v. WhitneyCourt of Appeals for the Second Circuit · 1948
- Thomas Browne Foster v. United StatesCourt of Appeals for the Second Circuit · 1964
- Scherf v. CommissionerUnited States Tax Court · 1953
- Commissioner of Internal Revenue v. Singer's EstateCourt of Appeals for the Second Circuit · 1947
- Commissioner of Internal Revenue v. Jacob (Jay) Paley and Lillian PaleyCourt of Appeals for the Ninth Circuit · 1956
3 more not listed; retrieve them via the Exa API.