Legal Opinion
Ivan K. Landreth Lucille Landreth v. Commissioner Internal Revenue Service
Court of Appeals for the Ninth Circuit
Decided October 4, 1988No. 86-7588, 86-7636PublishedCited by 59 opinions
1Opinion of the Court
ORDER
The petition for rehearing is granted. This court’s opinion, Landreth v. Commissioner, 845 F.2d 828 (9th Cir.1988), filed on April 26, 1988, is hereby vacated.
OPINION
WILLIAM A. NORRIS, Circuit Judge:
The principal issue in this case is whether the Landreths (taxpayers) can deduct losses from commodity futures “straddles,” 1 incurred in 1978, if their primary motive for entering into those straddle transactions was to create tax losses rather than to realize a profit. Unless engaged in a trade or business, taxpayers can deduct losses from straddle transactions only if the losses are…
2Cases cited14 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Healy v. CommissionerSupreme Court of the United States · 1953
- Glass v. CommissionerUnited States Tax Court · 1986
- Hillsboro National Bank v. CommissionerSupreme Court of the United States · 1983
- Fox v. CommissionerUnited States Tax Court · 1984
9 more not listed; retrieve them via the Exa API.
3Cited by59 opinions
- Class v. City of SeattleCourt of Appeals for the Ninth Circuit · 1992
- Manuel Zazueta-Carrillo v. John D. Ashcroft, U.S. Attorney GeneralCourt of Appeals for the Ninth Circuit · 2003
- 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
- United States v. Arnold I. Mandel Rona K. MandelCourt of Appeals for the Ninth Circuit · 1990
- Louis Buddy Yosha v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
54 more not listed; retrieve them via the Exa API.