Johnston v. Commissioner
United States Board of Tax Appeals
DEDUCTIONS - STOCK LOSSES - PARTNERSHIP AND INDIVIDUAL RETURNS - SECTION 23(r)(1), REVENUE ACT OF 1932. - A partner entitled as such to a share of the profits of the partnership upon its sale of noncapital assets, can not, in computing his individual taxable income, reduce that share of profits by the amount of his loss upon sale of other similar assets, owned by himself individually.
1Opinion of the Court
PERCY H. JOHNSTON, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Johnston v. Commissioner
Docket No. 78682.
United States Board of Tax Appeals
34 B.T.A. 276; 1936 BTA LEXIS 722;
April 7, 1936, Promulgated
DEDUCTIONS - STOCK LOSSES - PARTNERSHIP AND INDIVIDUAL RETURNS - SECTION 23(r)(1), REVENUE ACT OF 1932. - A partner entitled as such to a share of the profits of the partnership upon its sale of noncapital assets, can not, in computing his individual taxable income, reduce that share of profits by the amount of his loss upon sale of other similar assets, owned by himself…
2Cases cited8 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Tiger v. Western Investment Co.Supreme Court of the United States · 1911
- Cope v. CopeSupreme Court of the United States · 1891
- Shearer v. BurnetSupreme Court of the United States · 1932
- Colip v. CommissionerUnited States Board of Tax Appeals · 1926
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