Riley v. Commissioner
United States Tax Court
During the calendar year 1971 the petitioners sold 3,900 shares of common stock of Levi Strauss & Co., which they had held for a period of more than 6 months.
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During the calendar year 1971 the petitioners sold 3,900 shares of common stock of Levi Strauss & Co., which they had held for a period of more than 6 months. The gains realized by the petitioners on these 1971 sales of Levi Strauss & Co. stock resulted in tax preference income to them in the amount of $ 81,718. Petitioners, on their 1971 Federal income tax return, income averaged their tax preference income pursuant to secs. 1301 through 1305. Held, petitioners are not entitled to utilize the income averaging provisions of secs. 1301 through 1305, in determining their liability for the…
1Opinion of the Court
OPINION
Dawson, Chief Judge:
Respondent determined a deficiency of $2,056 in petitioners’ Federal income tax for the year 1971. The only issue for decision is whether petitioners may utilize the income averaging provisions of sections 1301 through 1305 of the Code,1 in determining their minimum tax for tax preferences imposed by section 56.
The case was submitted under Rule 122, Tax Court Rules of Practice and Procedure. All of the facts have been stipulated by the parties. We adopt the stipulation of facts and the exhibits attached thereto as our findings. The pertinent facts are summarized…
2Cited by12 opinions
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- George L. Stockwell and Delia Stockwell v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1984
- Joseph J. Zilber and Vera Zilber v. United StatesCourt of Appeals for the Seventh Circuit · 1978
- Goldberg v. Administrative Hearing CommissionSupreme Court of Missouri · 1980
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