King v. Commissioner
United States Tax Court
Petitioner incurred loss on dispositions in 1980 of positions constituting part of a gold commodity futures straddle. During 1980, petitioner also realized a gain on the sale of gold bars. By notice of deficiency, respondent disallowed the loss and recharacterized the gain as short-term capital gain. Petitioner filed a motion for partial summary judgment with respect to both of these issues.
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Petitioner incurred loss on dispositions in 1980 of positions constituting part of a gold commodity futures straddle. During 1980, petitioner also realized a gain on the sale of gold bars. By notice of deficiency, respondent disallowed the loss and recharacterized the gain as short-term capital gain. Petitioner filed a motion for partial summary judgment with respect to both of these issues. Held, respondent has not shown that there is a genuine issue of sham with respect to the loss. Held, further, respondent has not shown that there is a genuine issue of fact with respect to profit motive…
1Opinion of the Court
OPINION
CLAPP, Judge:
This case is before the Court on petitioner’s motion for partial summary judgment filed August 29, 1986, pursuant to Rule 121.1
Respondent determined deficiencies in petitioner’s Federal income taxes as follows:
Year Deficiency
1979. $19,989.34
1980. 1,525,852.76
The issues to which this motion relates are (1) whether petitioner’s loss on the dispositions in 1980 of positions constituting part of a gold commodity futures straddle are deductible in 1980, and (2) whether gain on the sale of gold bars in 1980 qualifies as long-term capital gain.
Petitioner has moved for summary…
2Cases cited4 opinions
- Glass v. CommissionerUnited States Tax Court · 1986
- Smith v. CommissionerUnited States Tax Court · 1982
- Miller v. CommissionerUnited States Tax Court · 1985
- Perlin v. CommissionerUnited States Tax Court · 1986
3Cited by24 opinions
- Rauenhorst v. Comm'rUnited States Tax Court · 2002
- King v. CommissionerUnited States Tax Court · 1987
- Cook v. CommissionerUnited States Tax Court · 1988
- Boswell v. CommissionerUnited States Tax Court · 1988
- Shanley v. Comm'rUnited States Tax Court · 2009
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