Legal Opinion
Gardner v. Commissioner
Court of Appeals for the Second Circuit
Decided January 22, 1992No. Nos. 738, 739, 597, 598, 740, 599, 741, 600, 742, 601, 743, 602, 744, 603, 745, 604, 746, 605, 747, 748, 606, 749, 607, 608, 750, 609, 751, 752, 610, 611, 753, 612, 754, 613, 755, 614, 756, 615, 616, 757, 617, 758, 618, 759, 619, 620 and 760, Dockets 90-4140(L), 90-4141, 90-4142, 90-4143, 90-4144, 90-4146, 90-4148, 90-4150, 90-4152, 90-4154, 90-4156, 90-4158, 90-4160, 90-4162, 90-4164, 90-4166, 90-4168, 90-4170, 90-4172, 90-4174, 90-4176, 90-4178, 90-4180, 90-4182, 90-4186, 90-4188, 91-4026, 91-4038, 91-4054, 91-4056, 91-4068, 91-4070, 91-4072, 91-4074, 91-4076, 91-4078, 91-4080, 91-4082, 91-4086, 91-4088, 91-4090, 91-4092, 91-4094, 91-4096, 91-4098, 91-4100 and 91-4118PublishedCited by 15 opinions
1Per curiam
This ease is part of the second wave of “straddle” cases to come before the federal courts. In the first wave, purchasers of commodity straddles challenged the Commissioner of Internal Revenue’s denial of loss deductions taken pursuant to closing out the loss legs of their straddles. The Tax Court, in the landmark case of Glass v. Commissioner, 87 T.C. 1087 (1986), determined that the straddles were sham transactions that lacked economic substance. Accordingly, the Tax Court upheld the Commissioner’s denial of these deductions. On appeal, the Glass decision has been affirmed in nine of our…
2Cases cited17 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Glass v. CommissionerUnited States Tax Court · 1986
- 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
- Robert Demartino, Appellant-Cross-Appellee v. Commissioner of Internal Revenue, Appellee-Cross-AppellantCourt of Appeals for the Second Circuit · 1988
12 more not listed; retrieve them via the Exa API.
3Cited by15 opinions
- United States v. Bernhard Fred Manko, Also Known as Fred and Jon EdelmanCourt of Appeals for the Second Circuit · 1992
- United States v. ParseCourt of Appeals for the Second Circuit · 2015
- Ferguson v. CommissionerCourt of Appeals for the Second Circuit · 1994
- Krumhorn v. Comm'rUnited States Tax Court · 1994
- Ferguson v. CommissionerCourt of Appeals for the Second Circuit · 1994
10 more not listed; retrieve them via the Exa API.