Kenneth David Perry and Linda Ruth Perry - Page 1

                                 T.C. Memo. 2006-77                                   

                               UNITED STATES TAX COURT                                

              KENNETH DAVID PERRY AND LINDA RUTH PERRY, Petitioners v.                
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket Nos. 619-04, 18226-04.        Filed April 18, 2006.             

                    Ps’ claimed net capital losses were disallowed to the             
               extent they exceeded $3,000, on authority of sec. 1211(b),             
               I.R.C. 1986.                                                           
                    Held:  This limitation does not prevent the taxes                 
               imposed by secs. 1 and 55, I.R.C. 1986, from being taxes on            
               income within the meaning of the Sixteenth Amendment to the            

               Kenneth David Perry and Linda Ruth Perry, pro sese.                    
               Roger W. Bracken, for respondent.                                      
                                 MEMORANDUM OPINION                                   
               CHABOT, Judge:  Respondent determined deficiencies in                  
          individual income tax against petitioners in the amounts of                 

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