Dorfman v. Commissioner
United States Tax Court
The petitioner, Annette Dorfman, was the remainderman of two trusts which terminated in 1956. At the time of their termination, the trusts had unused capital loss carryovers under sec. 1212 of the Internal Revenue Code of 1954 from their taxable year 1955. Sec. 1212, as applicable to the year in question, provided for the carryover of a net capital loss for any taxable year to the 5 succeeding taxable years.
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The petitioner, Annette Dorfman, was the remainderman of two trusts which terminated in 1956. At the time of their termination, the trusts had unused capital loss carryovers under sec. 1212 of the Internal Revenue Code of 1954 from their taxable year 1955. Sec. 1212, as applicable to the year in question, provided for the carryover of a net capital loss for any taxable year to the 5 succeeding taxable years. Sec. 642(h) of the Code provides that if, on the termination of a trust, the trust has an unused capital loss carryover under sec. 1212, then such carryover shall be allowed as a…
1Opinion of the Court
Atkins, Judge:
The respondent determined a deficiency in income tax 'for the petitioners’ taxable year 1960 in the amount of $1,716.04 and determined an addition to tax of $85.80 under section 6653(a) of the Internal Revenue Code of 1954. By an amendment to his answer the respondent has asserted an increased deficiency in income tax and a corresponding increased addition to tax under section 6653(a). The issues are: (1) Whether the petitioners, one of whom is the remainder-man of two testamentary trusts which terminated in 1956, may carry over to and deduct on their Federal joint income tax…
2Cases cited5 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Boske v. ComingoreSupreme Court of the United States · 1900
- Neave v. CommissionerUnited States Tax Court · 1952
- Westphal v. CommissionerUnited States Tax Court · 1961
3Cited by4 opinions
- Nat Dorfman and Annette Dorfman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1968
- Dorfman v. CommissionerUnited States Tax Court · 1967
- Grant v. CommissionerUnited States Tax Court · 1980
- Roush v. CommissionerUnited States Tax Court · 1978