Tracy v. Commissioner
United States Board of Tax Appeals
1. Held that petitioners have not shown that the respondent erred in holding that a certain marginal stock-trading account was owned by petitioner William R. Tracy alone instead of by him and his wife equally, that the income therefrom is taxable to him alone, and that the interest paid to the broker for carrying the account is deductible by him alone. 2. Held that since the record does not disclose that any part of the taxes on real estate in Michigan owned by the…
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1. Held that petitioners have not shown that the respondent erred in holding that a certain marginal stock-trading account was owned by petitioner William R. Tracy alone instead of by him and his wife equally, that the income therefrom is taxable to him alone, and that the interest paid to the broker for carrying the account is deductible by him alone. 2. Held that since the record does not disclose that any part of the taxes on real estate in Michigan owned by the petitioners "jointly" were paid by petitioner, Helen Gregory Tracy, the respondent's refusal to allow her to deduct any portion…
1Opinion of the Court
*1059OPINION.
McMahon:
In their brief the petitioners abandoned the assignment of error regarding the loss on the sale of a temporary residence at Pontiac, Michigan, and the respondent’s determination in that regard will not be disturbed.
The remaining issues, in so far as they relate to petitioner Helen Gregory Tracy, apply only to the year 1926, but petitioner William E. Tracy Raises issues as to both the years 1925 and 1926.
The first question to be determined is whether the respondent erred in taxing to petitioner William E. Tracy the full amount of the gains and dividends from the stocks in the…
2Cases cited20 opinions
- Bucher v. Cheshire RailroadSupreme Court of the United States · 1888
- Warburton v. WhiteSupreme Court of the United States · 1900
- Allen-West Commission Co. v. GrumblesCourt of Appeals for the Eighth Circuit · 1904
- Lathrop, Shea & Henwood Co. v. Interior Construction & Improvement Co.Supreme Court of the United States · 1909
- Loring v. PalmerSupreme Court of the United States · 1886
15 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Apt v. BirminghamDistrict Court, N.D. Iowa · 1950
- Cramer v. CommissionerUnited States Tax Court · 1971
- Bouchard v. CommissionerUnited States Tax Court · 1960
- Castaneda-Benitez v. CommissionerUnited States Tax Court · 1981
- Finney v. CommissionerUnited States Tax Court · 1976
5 more not listed; retrieve them via the Exa API.