Legal Opinion
David Dewees and Anne Dewees v. Commissioner of Internal Revenue
Court of Appeals for the First Circuit
Decided March 15, 1989No. 87-1763PublishedCited by 75 opinions
1Opinion of the Court
BREYER, Circuit Judge.
Taxpayers David and Anne Dewees appeal from a Tax Court decision that a 1978 loss they incurred while engaged in “straddle” trading on the London Metals Exchange was not an “ordinary loss” deductible from their income. See Internal Revenue Code, 26 U.S.C. § 165(c)(2) (1982); Deficit Reduction Act of 1984, Pub.L. No. 98-369, § 108, 98 Stat. 494, 630-631 (1984) (a provision enacted specifically to govern deductions of losses from straddle transactions). The Tax Court held that their loss was not deductible because the transactions were shams, without economic substance,…
2Cases cited35 opinions
- Morissette v. United StatesSupreme Court of the United States · 1952
- Gregory v. HelveringSupreme Court of the United States · 1935
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Bob Jones University v. United StatesSupreme Court of the United States · 1983
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
30 more not listed; retrieve them via the Exa API.
3Cited by75 opinions
- Halpern v. CommissionerUnited States Tax Court · 1991
- Winn-Dixie Stores v. Comm'rUnited States Tax Court · 1999
- Terence J. Horn and Jean Horn v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Terence J. Horn and Jean HornCourt of Appeals for the D.C. Circuit · 1992
- Tigers Eye Trading, LLC v. Comm'rUnited States Tax Court · 2012
- Lerman v. CommissionerCourt of Appeals for the Third Circuit · 1991
70 more not listed; retrieve them via the Exa API.