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HELVERING v. JANNEY

No. 36.

311 U.S. 189 (1940)

61 S.Ct. 241

85 L.Ed. 118

HELVERING, COMMISSIONER OF INTERNAL REVENUE, v. JANNEY ET UX.

Supreme Court of United States.

Decided December 9, 1940.

Attorney(s) appearing for the Case

Mr. Thomas E. Harris, with whom Attorney General Jackson, Assistant Attorney General Clark, and Messrs. Sewall Key, Maurice J. Mahoney, and Miss Helen R. Carloss were on the brief, for the Commissioner of Internal Revenue.

Mr. Bernhard Knollenberg, with whom Mr. Harry J. Rudick was on the brief, for respondents in No. 36. Mr. Frederick Baum, with whom Mr. Frank E. Karelsen, Jr. was on the brief, for petitioners in No. 113.

MR. CHIEF JUSTICE HUGHES delivered the opinion of the Court.

These cases present the same question, that is, whether under the Revenue Act of 1934, in the case of a joint return by husband and wife, the capital losses of one spouse may be deducted from the capital gains of the other.

In Helvering v. Janney, the wife realized net gains from the sale of capital assets during 1934, and the husband realized net losses from the sale of capital assets...

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