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PALEY v. COMMISSIONER

Docket No. 40898.

22 T.C. 1236 (1954)

JACOB (JAY) PALEY AND LILLIAN PALEY, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 21, 1954.

Attorney(s) appearing for the Case

S. Earl Wright, Esq., for the petitioners.

George E. Constable, Esq., for the respondent.

OPINION.

MURDOCK, Judge:

The Commissioner determined deficiencies in income tax of the petitioners of $16,042.31 for 1948 and $20,206.78 for 1949. The only issue for decision is whether the individual section 117 (j) (Internal Revenue Code of 1939) losses of the taxpayer-partner are to be offset by his share of section 117 (j) gains of the partnership. The stipulation of the parties is adopted as the findings...

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