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UNITED CALIFORNIA BANK v. UNITED STATES

No. 77-1016.

439 U.S. 180 (1978)

UNITED CALIFORNIA BANK ET AL., CO-EXECUTORS v. UNITED STATES.

Supreme Court of United States.

Decided December 11, 1978.

Attorney(s) appearing for the Case

Ronald E. Gother argued the cause for petitioners. With him on the briefs was Marc R. Isaacson.

Assistant Attorney General Ferguson argued the cause for the United States. With him on the brief were Solicitor General McCree, Stuart A. Smith, and Jonathan S. Cohen.

MR. JUSTICE WHITE delivered the opinion of the Court.

Under the provisions of the Internal Revenue Code of 1954 in effect during the years in question, taxpayers, including decedent's estates,1 with net long-term capital gains exceeding net short-term capital losses, paid either a "normal" income tax calculated by applying ordinary graduated rates to taxable income computed with a 50% capital-gains deduction permitted by § 1202 of...

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