Arkansas Best Corp. v. Commissioner
1988 United States Supreme Court case / From Wikipedia, the free encyclopedia
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Arkansas Best Corporation v. Commissioner, 485 U.S. 212 (1988), is a United States Supreme Court decision that helps taxpayers classify whether or not the sale of an asset is an ordinary or capital gain or loss for income tax purposes.[1]
Quick Facts Arkansas Best Corp. v. Commissioner, Argued December 9, 1987 Decided March 7, 1988 ...
Arkansas Best Corp. v. Commissioner | |
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Argued December 9, 1987 Decided March 7, 1988 | |
Full case name | Arkansas Best Corporation v. Commissioner of Internal Revenue |
Citations | 485 U.S. 212 (more) 108 S. Ct. 971; 99 L. Ed. 2d 183 |
Case history | |
Prior | 83 T.C. 640 (1984); 800 F.2d 215 (8th Cir. 1986); cert. granted, 480 U.S. 930 (1987). |
Holding | |
Loss arising from sale of stock is capital loss, regardless of taxpayer's motive in purchasing the stock. | |
Court membership | |
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Case opinion | |
Majority | Marshall, joined by unanimous |
Kennedy took no part in the consideration or decision of the case. | |
Laws applied | |
Internal Revenue Code § 1221 |
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