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GITLITZ v. COMMISSIONER

No. 99-1295.

531 U.S. 206 (2001)

121 S.Ct. 701

148 L.Ed.2d 613

GITLITZ et al. v. COMMISSIONER OF INTERNAL REVENUE

Supreme Court of United States.

Decided January 9, 2001.

Attorney(s) appearing for the Case

Darrell D. Hallett argued the cause for petitioners. With him on the briefs were John M. Colvin and Robert J. Chicoine.

Kent L. Jones argued the cause for respondent. With him on the brief were Solicitor General Waxman, Acting Assistant Attorney General Junghans, Deputy Solicitor General Wallace, Teresa E. McLaughlin, and Edward T. Perelmuter.*

Justice Thomas, delivered the opinion of the Court.

The Commissioner of Internal Revenue assessed tax deficiencies against petitioners David and Louise Gitlitz and Philip and Eleanor Winn because they used nontaxed discharge of indebtedness to increase their bases in S corporation stock and to deduct suspended losses. In this case we must answer two questions. First, we must decide whether the Internal Revenue Code (Code) permits taxpayers to increase bases in their...

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