Legal Opinion
Milton I. Schwartz Nina Schwartz v. United States
Court of Appeals for the Ninth Circuit
Decided November 21, 1995No. 94-15685PublishedCited by 14 opinions
1Opinion of the Court
OPINION
DAVID R. THOMPSON, Circuit Judge:
On their 1976 tax return Milton I. Schwartz and Nina Schwartz reported an ordinary loss of $208,675. This loss was generated by an options straddle. The Sehwartzes reported the other end of the straddle, a capital gain of $180,840, on their 1978 tax return.
The tax court disallowed the 1976 deduction in 1983, on the ground the straddle was a sham transaction. The Sehwartzes paid the resulting deficiency in their 1976 tax, and claimed a refund of the capital gains tax they paid on the gain they reported in 1978.
When the Internal Revenue Service (IRS)…
2Cases cited15 opinions
- Irwin v. Department of Veterans AffairsSupreme Court of the United States · 1991
- United States v. DalmSupreme Court of the United States · 1990
- Jeanette Jesinger v. Nevada Federal Credit Union, a Federally-Chartered Credit Union Robert W. FleischmanCourt of Appeals for the Ninth Circuit · 1994
- Glass v. CommissionerUnited States Tax Court · 1986
- John E. Keane, Dorothy M. Keane v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1989
10 more not listed; retrieve them via the Exa API.
3Cited by14 opinions
- In Re: James Kenneth FeilerCourt of Appeals for the Ninth Circuit · 2000
- Pcce, Inc. v. United States of America Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1998
- Beaudry Motor Co., an Arizona Corporation v. United StatesCourt of Appeals for the Ninth Circuit · 1996
- Estate of Harrah v. United StatesCourt of Appeals for the Ninth Circuit · 1995
- Zeier v. United States Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1996
9 more not listed; retrieve them via the Exa API.