Nature of the Case
To access this section all you need to do is click here and register.
Facts
McWilliams (P) managed the large independent estates of both his wife and himself. On various occasions, he ordered his broker to sell certain stock for the account of one or the other and then to buy the same number of shares of the same stock for the other at as nearly the same price as possible. P told his broker he was establishing tax losses. P and his spouse filed separate tax returns and claimed the losses on the stock sales against corresponding profits on other stock sales. The IRS disallowed the loses under section 24(b). On appeal, the tax court held 24(b) inapplicable based on its decision in Ickelheimer. The Circuit Court of Appeals reversed and the Supreme Court granted certiorari.
Support@ bsmsphd.com
Casebriefs Co