US LAWS, STATUTES and CODES : Chan Robles Virtual Law Library USA Supreme Court Decisions | Resolutions : Chan Robles Virtual Law Library

ChanRobles™ Virtual Law Library™ |™   
Main Index Repository of Laws, Statutes and Codes Latest Philippine Supreme Court Decisions Chan Robles Virtual Law Library Latest Legal Updates Philippine Legal Resources Significant Philippine Legal Resources Worldwide Legal Resources Philippine Supreme Court Decisions United States Legal Resources United States Supreme Court Jurisprudence ChanRobles LawTube - Social Network

ChanRobles Internet Bar Review : DebtKollect Company, Inc. - Debt Collection Firm Intellectual Property Division - Chan Robles Law Firm

Philippine Supreme Court DecisionsChanRobles On-Line Bar Review

google search for chanrobles.comSearch for

HELVERING V. JANNEY, 311 U. S. 189 (1940)

Subscribe to Cases that cite 311 U. S. 189 RSS feed for this section

U.S. Supreme Court

Helvering v. Janney, 311 U.S. 189 (1940)

Helvering v. Janney

No. 36

Argued November 18, 1940

Decided December 9, 1940*

311 U.S. 189


1. Under § 51(b) of the Revenue Act of 1934, when a joint return is made by husband and wife, the tax is computed on their aggregate net income, and capital losses of one spouse may be deducted from capital gains of the other. P. 311 U. S. 194.

2. Section 117(d) of this Act did not purport to alter the rule as to the right of the spouses to deductions in their joint return, but merely limited the amount of capital losses which could be deducted. P. 311 U. S. 194.

3. Treasury Regulations 86, Art. 117-5, in undertaking to provide that

"the allowance of losses of one spouse from sales or exchanges of capital assets is in all cases to be computed without regard to gains and losses of the other spouse upon sales or exchanges of capital assets,"

is inconsistent with the Act, and therefore ineffective. P. 311 U. S. 194.

108 F.2d 564 affirmed; 111 id. 144 reversed.

Certiorari, 310 U.S. 617, to review judgments of Circuit Courts of Appeals which dealt with rulings of the Board of Tax Appeals. In No. 36, a decision of the Board, 39 B.T.A. 240, sustaining a deficiency assessment was reversed by the court below, whose judgment is affirmed here. In No. 113, a like ruling of the Board was affirmed by a judgment of the Second Circuit which this Court reverses. chanroblesvirtualawlibrary

Page 311 U. S. 190

ChanRobles™ LawTube

google search for Search for

Supreme Court Decisions Philippine Supreme Court DecisionsUS Supreme Court Decisions



Browse By ->> Volume


Browse By ->> Year


  Copyright © ChanRobles Publishing Company | Disclaimer | E-mail Restrictions
ChanRobles™ Virtual Law Library |™