Vickers v. Commissioner
United States Tax Court
Petitioner engaged in speculative commodity futures transactions that were neither hedging transactions in connection with his farming operation nor an integral part of his farming or other business operations within the doctrine of Corn Products Refining Co. v. United States, 350 U.S. 46 (1955). Petitioner claims that the losses he incurred in these speculative transactions were ordinary losses because there was no "sale or exchange" but merely the release or discharge of…
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Petitioner engaged in speculative commodity futures transactions that were neither hedging transactions in connection with his farming operation nor an integral part of his farming or other business operations within the doctrine of Corn Products Refining Co. v. United States, 350 U.S. 46 (1955). Petitioner claims that the losses he incurred in these speculative transactions were ordinary losses because there was no "sale or exchange" but merely the release or discharge of contract rights under Commissioner v. Pittston Co., 252 F.2d 344 (2d Cir. 1958), cert. denied 357 U.S. 919 (1958), and…
1Opinion of the Court
Parker, Judge:
Respondent determined a deficiency in petitioners’ 1974 Federal income tax of $319,739.09. The sole issue for our decision is whether the net losses petitioners suffered speculating in commodity futures are deductible as ordinary losses or as capital losses.
FINDINGS OF FACT
This case was submitted without trial on a full stipulation of facts. The facts to which the parties have stipulated are so found. The stipulation of facts and exhibits attached thereto are incorporated herein by this reference.
Petitioners Ernest Vickers, Jr., and Elizabeth Vickers are husband and wife. On the…
2Cases cited26 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- United States v. Security Trust & Savings BankSupreme Court of the United States · 1950
- Board of Trade of Chicago v. Christie Grain & Stock Co.Supreme Court of the United States · 1905
- Helvering v. PowersSupreme Court of the United States · 1934
- Helvering v. William Flaccus Oak Leather Co.Supreme Court of the United States · 1941
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3Cited by26 opinions
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