Legal Opinion
Robert Demartino, Appellant-Cross-Appellee v. Commissioner of Internal Revenue, Appellee-Cross-Appellant
Court of Appeals for the Second Circuit
Decided November 23, 1988No. 106, Docket 88-4048PublishedCited by 85 opinions
1Opinion of the Court
OAKES, Circuit Judge:
At least since Gregory v. Helvering, 293 U.S. 465, 55 S.Ct. 266, 79 L.Ed. 596 (1935), the Internal Revenue Service and the courts have looked askance at transactions that are “sham” or lack a business purpose. See 6 J. Mertens, Law of Federal Income Taxation § 26.10 (1985). The taxpayer in this case, Robert DeMartino, would have us view otherwise the crude oil futures trading losses that he claimed in his 1975 tax year. The Tax Court, Jules G. Korner, III, Judge, held that the losses were not recognizable because the trades— “straddles” — were prearranged shams that took…
2Cases cited36 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Marbury v. MadisonSupreme Court of the United States · 1803
- Gregory v. HelveringSupreme Court of the United States · 1935
- Helvering v. MitchellSupreme Court of the United States · 1938
- Higgins v. SmithSupreme Court of the United States · 1940
31 more not listed; retrieve them via the Exa API.
3Cited by85 opinions
- Pension Benefit Guaranty Corporation v. White Consolidated Industries, Inc., C/o Ct Corporation Systems Registered AgentCourt of Appeals for the Third Circuit · 1993
- Howard Gilman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1991
- David Dewees and Anne Dewees v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1989
- United States v. Victor Wexler, Honorable John W. Bissell, NominalCourt of Appeals for the Third Circuit · 1994
- Harvey Jacobson and Marcia Jacobson v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1990
80 more not listed; retrieve them via the Exa API.