Miller Charitable Fund v. Commissioner
United States Tax Court
Held, in computing a private foundation's "undistributed income," on which the sec. 4942, I.R.C. 1954, excise tax is imposed, capital gains and losses from the sale or other disposition of property are taken into account only in an amount equal to any net short-term capital gain for the taxable year; the same rule in this respect applies to private foundations which are trusts as to private foundations which are corporations.
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Held, in computing a private foundation's "undistributed income," on which the sec. 4942, I.R.C. 1954, excise tax is imposed, capital gains and losses from the sale or other disposition of property are taken into account only in an amount equal to any net short-term capital gain for the taxable year; the same rule in this respect applies to private foundations which are trusts as to private foundations which are corporations. Held, further, sec. 4942, I.R.C. 1954, does not violate art. I, sec. 8 or sec. 9, the 5th Amendment or the 16th Amendment of the Constitution of the United States.
1Opinion of the Court
Stanley O. Miller Charitable Fund, Stanley O. Miller, Trustee, Petitioners v. Commissioner of Internal Revenue, Respondent
Miller Charitable Fund v. Commissioner
Docket No. 9888-86
United States Tax Court
89 T.C. 1112; 1987 U.S. Tax Ct. LEXIS 168; 89 T.C. No. 77;
December 7, 1987. December 7, 1987, Filed
Decision will be entered under Rule 155.
Held, in computing a private foundation's "undistributed income," on which the sec. 4942, I.R.C. 1954, excise tax is imposed, capital gains and losses from the sale or other disposition of property are taken into account only in an amount equal to any net…
2Cases cited16 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- J. W. Hampton, Jr., & Co. v. United StatesSupreme Court of the United States · 1928
- Bob Jones University v. SimonSupreme Court of the United States · 1974
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
- Pollock v. Farmers' Loan & Trust Co.Supreme Court of the United States · 1895
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