Credit: Funtap/Adobe Stock Capital Loss Disputed: 'Computer Sciences Corp. v. Comm'r'
The article discusses a recent Tax Court order in Computer Sciences Corporation v. Commissioner. The order, after discussing various issues raised by the government relating to substance over form, step transactions, nonqualified preferred stock and other matters, denied a motion by the petitioner for summary judgment that it was entitled to a large capital loss.
August 16, 2023 at 10:00 AM
9 minute read
A taxpayer may desire to recognize a loss by reason of diminution in value of property, in order to offset other income, but without effecting a full disposition of the property. Computer Sciences Corporation v. Commissioner (Tax Court Docket No. 4823-21) reflects such a situation.
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