MCWILLIAMS V. COMMISSIONER
331 U.S. 694 (1947)
NATURE OF THE CASE: This was a dispute over the denial of a deduction for the sale of stock. The Tax Court expunged deficiency assessments for losses realized from indirect intra-family transfers of stocks. The Circuit Court of Appeals reversed. The Supreme Court granted certiorari.
FACTS: McWilliams (P) managed the large independent estates of both his wife and himself. On various occasions, he ordered his broker to sell certain stock for the account of one or the other and then to buy the same number of shares of the same stock for the other at as nearly the same price as possible. P told his broker he was establishing tax losses. P and his spouse filed separate tax returns and claimed the losses on the stock sales against corresponding profits on other stock sales. The IRS disallowed the loses under section 24(b). On appeal, the tax court held 24(b) inapplicable based on its decision in Ickelheimer. The Circuit Court of Appeals reversed and the Supreme Court granted certiorari.
ISSUE:
RULE OF LAW:
HOLDING AND
DECISION:
LEGAL ANALYSIS:
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