MacMurray v. Commissioner
United States Tax Court
1. Husband and wife owned a ranch business as community property. The total deductions (other than taxes and interest) attributable to the business as a whole exceeded by more than $ 50,000 the gross income derived therefrom for each of 5 successive years, but the share of those deductions available to each spouse did not exceed such spouse's share of the gross income from such business by more than $ 50,000 for 5 successive years.
Read the full summary
1. Husband and wife owned a ranch business as community property. The total deductions (other than taxes and interest) attributable to the business as a whole exceeded by more than $ 50,000 the gross income derived therefrom for each of 5 successive years, but the share of those deductions available to each spouse did not exceed such spouse's share of the gross income from such business by more than $ 50,000 for 5 successive years. Held, section 130, Internal Revenue Code, is inapplicable. 2. Petitioners MacMurray, Fenton, and a third person purchased a story in 1944 and sold it in 1945 to…
1Opinion of the Court
Fred MacMurray, et al., 1 Petitioners, v. Commissioner of Internal Revenue, Respondent
MacMurray v. Commissioner
Docket Nos. 35201, 35202, 35203, 37394, 37395, 40290, 40291, 40292
United States Tax Court
21 T.C. 15; 1953 U.S. Tax Ct. LEXIS 53;
October 9, 1953, Promulgated
Decisions will be entered under Rule 50.
1. Husband and wife owned a ranch business as community property. The total deductions (other than taxes and interest) attributable to the business as a whole exceeded by more than $ 50,000 the gross income derived therefrom for each of 5 successive years, but the share of those deductions…
Also in this document: Dissent.
2Cases cited13 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Helvering v. CliffordSupreme Court of the United States · 1940
- Lucas v. EarlSupreme Court of the United States · 1930
- Poe v. SeabornSupreme Court of the United States · 1930
- United States v. MalcolmSupreme Court of the United States · 1931
8 more not listed; retrieve them via the Exa API.