Legal Opinion
Robert G. Leslie and Marilyn B. Leslie v. Commissioner of Internal Revenue
Court of Appeals for the Ninth Circuit
Decided May 27, 1998No. 96-70880PublishedCited by 20 opinions
1Opinion of the Court
O’SCANNLAIN, Circuit Judge:
We examine the lingering federal income tax consequences of participation in gold-futures “straddle” transactions in the early 1980’s, when the top tax-rate bracket was 70%.
I
On their 1980, 1981, and 1982 federal income tax returns, Robert and Marilyn Leslie claimed gains and losses resulting from gold-futures “straddle” transactions that Robert entered into with futures commission merchant F.G. Hunter & Associates (“Hunter”). A futures contract, in a nutshell, is an agreement either to buy or to sell a specific quantity of a specific commodity during a designated…
2Cases cited27 opinions
- Anderson v. City of Bessemer CitySupreme Court of the United States · 1985
- United States v. United States Gypsum Co.Supreme Court of the United States · 1948
- Welch v. HelveringSupreme Court of the United States · 1933
- United Sav. Assn. of Tex. v. Timbers of Inwood Forest Associates, Ltd.Supreme Court of the United States · 1988
- Solowiejczyk v. CommissionerUnited States Tax Court · 1985
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3Cited by20 opinions
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