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Wiebusch v. Commissioner
United States Tax Court
59 T.C. 777 (1973)
- Written by Matthew Celestin, JD
Facts
George and Corinna Wiebusch (plaintiffs) transferred assets in their sole proprietorship to L&C, which was a subchapter S corporation, in exchange for L&C’s stock. The transferred assets were subject to liabilities that exceeded the Wiebusches’ basis in the assets, which gave the Wiebusches a gain in the amount that their basis was exceeded. L&C had losses in each of the first three years following the transfer. The Wiebusches deducted the losses on their personal tax returns. However, the Commissioner of Internal Revenue (the Commissioner) (defendant) assessed a deficiency in the amount of the deductions.
Rule of Law
Issue
Holding and Reasoning (Sterrett, J.)
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