Arrowsmith v. Commissioner of Internal Revenue
|Arrowsmith v. Commissioner of Internal Revenue by
|Opinion of the Court→|
|United States Supreme Court case regarding taxation. The case involves taxpayers who liquidated a corporation in 1937. The taxpayers (properly) reported the income from the liquidation as long-term capital gains, thus obtaining a preferential tax rate. Subsequent to the liquidation in 1944, the taxpayers were required to pay a judgment arising from the affairs of the liquidated corporation. The taxpayers classified this payment as an ordinary business loss, which would allow them to take a greater deduction for the loss than would be permitted for a capital loss. — Excerpted from Arrowsmith v. Commissioner on Wikipedia, the free encyclopedia.Arrowsmith v. Commissioner, , is a|
United States Supreme Court
ARROWSMITH v. COMMISSIONER OF INTERNAL REVENUE
Argued: Oct. 24, 1952. --- Decided: Nov 10, 1952
See 344 U.S. 900, 73 S.Ct. 273.
Mr. George R. Sherriff, New York City, for petitioners.
Helen Goodner, Washington, D.C., for respondent.