McWilliams v. Commissioner
United States Supreme Court
331 U.S. 694 (1947)
John P. McWilliams (plaintiff) managed both his estate and his wife’s. In 1940 and 1941, McWilliams instructed his broker to sell either his or his wife’s securities to the other spouse, for the purpose of establishing tax losses in those years. Each time, the securities were sold through the stock exchange. It was unknown who actually purchased the stock sold by the selling spouse, or from whom the buying spouse purchased the stock. The buying spouse never received the same stock certificates sold by the selling spouse. The Commissioner (defendant) disallowed the deduction of the losses arising from the sale of securities between McWilliams and his wife. The Tax Court overruled the Commissioner. The Court of Appeals reversed. The United States Supreme Court granted certiorari.
Rule of Law
Holding and Reasoning (Vinson, C.J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 687,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.Unlock this case briefRead our student testimonials
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.Learn about our approachRead more about Quimbee
Here's why 687,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 43,000 briefs, keyed to 988 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.