Ocean Cove Corp. Retirement Plan & Trust v. United States

MEMORANDUM OPINION AND FINAL JUDGMENT

SPELLMAN, District Judge.

The Plaintiff is a qualified pension trust fund established by a written agreement of trust between Ocean Cove Corporation, a Florida Corporation, employer, and a named trustee. Over a four year period, from 1978 through 1981, the Plaintiff realized short term capital gains from investments in securities purchased on borrowed funds through a margin account. The Internal Revenue Service (“Service”) assessed a deficiency on these tax obligations. The Plaintiff paid this deficiency, claimed a refund from the Service, which the Service…