Legal Opinion
Stanley R. Kielmar and Carol J. Kielmar v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided January 10, 1990No. 88-2637 to 88-2642 and 88-2649 to 88-2652PublishedCited by 26 opinions
1Opinion of the Court
WILL, Senior District Judge.
This is an appeal from a decision of the United States Tax Court that taxpayers’ option trades on the London Metals Exchange lacked economic substance and that taxpayers could not, therefore, deduct their losses on those trades. We have already addressed this matter in Yosha v. Commissioner, 861 F.2d 494 (7th Cir.1988), but the present appellants allege that they were denied an opportunity to present evidence as to their trades which distinguished them from the other taxpayers whose cases were consolidated before the Tax Court. The decision of the Tax Court that…
2Cases cited11 opinions
- 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
- Louis Buddy Yosha v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
- David Dewees and Anne Dewees v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1989
- Clemon J. And Ivy C. Herrington v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1988
6 more not listed; retrieve them via the Exa API.
3Cited by26 opinions
- Halpern v. CommissionerUnited States Tax Court · 1991
- Estate of Hilda Ashman v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 2000
- Lerman v. CommissionerCourt of Appeals for the Third Circuit · 1991
- Penn Central Corporation v. U.S. Railroad Vest Corporation Beverly D. Crone, Auditor of St. Joseph CountyCourt of Appeals for the Seventh Circuit · 1992
- Russo v. CommissionerUnited States Tax Court · 1992
21 more not listed; retrieve them via the Exa API.