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Income Tax Keyed to Lind
Arrowsmith v. Commissioner
Facts
Two taxpayers, Petitioners, liquidated and divided the proceeds of a corporation that they owned equally. For 1937 through 1940, Petitioners reported the profits from the distributions as capital gains, thus paying less taxes than if they were reported as ordinary business transactions. In 1944, a judgment against the corporation was rendered and Petitioners paid the judgment. Each took a 100% tax deduction of the amount paid classifying it as a business loss. The Commissioner considered the payment of the judgment as part of the original liquidation and required Petitioners to treat this as a capital loss just as they had treating the proceeds as capital gain. The Tax Court disagreed and classified it as an ordinary business loss. The Court of Appeals reversed the Tax Court.
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