Legal Opinion
William F. Wehrly and Elizabeth Ann Wehrly v. United States
Court of Appeals for the Ninth Circuit
Decided June 20, 1986No. 84-3945PublishedCited by 27 opinions
1Opinion of the Court
BOOCHEVER, Circuit Judge:
The Wehrlys appeal the denial of a tax refund relating to straddle investments in forward contracts for government mortgage certificates. The court instructed the jury that losses on one leg of the straddle were deductible under Internal Revenue Code § 165(c)(2), 26 U.S.C. § 165(c)(2) (1982), only if the Wehrlys’ primary motive for entering into the transactions was to make a profit.
We reverse and remand, holding that the retroactive “for profit” language of section 108 of the Deficit Reduction Act of 1984, Pub.L. No. 98-369, 98 Stat. 494, 630-31, requires the…
2Cases cited14 opinions
- United States v. TurketteSupreme Court of the United States · 1981
- Merrill Lynch, Pierce, Fenner & Smith, Inc. v. CurranSupreme Court of the United States · 1982
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Dickerson v. New Banner Institute, Inc.Supreme Court of the United States · 1983
- United States v. GeneresSupreme Court of the United States · 1972
9 more not listed; retrieve them via the Exa API.
3Cited by27 opinions
- James E. Sochin v. Commissioner of Internal Revenue, Dennis S. Brown v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1988
- Kenneth P. Kirchman and Budagail S. Kirchman, Leo P. Ayotte and Nancy C. Ayotte v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1989
- Ewing v. CommissionerUnited States Tax Court · 1988
- Louis Buddy Yosha v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
- Ivan K. Landreth Lucille Landreth v. Commissioner Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1988
22 more not listed; retrieve them via the Exa API.