Ewing v. Commissioner
United States Tax Court
During 1980 and 1981, petitioners were engaged as investors and not as dealers in straddle transactions in gold futures. They deducted ordinary losses on their 1980 returns from the "cancellation" of the losing legs of straddles and reported long-term capital gains on their 1981 returns from the "assignment" of winning legs.
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During 1980 and 1981, petitioners were engaged as investors and not as dealers in straddle transactions in gold futures. They deducted ordinary losses on their 1980 returns from the "cancellation" of the losing legs of straddles and reported long-term capital gains on their 1981 returns from the "assignment" of winning legs. Held: 1. For the purpose of determining whether the straddle transactions were "entered into for profit" within meaning of sec. 108(a) of the Tax Reform Act of 1984, Pub. L. 98-369, as amended by sec. 1808 of the Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2817, the…
1Opinion of the Court
SHIELDS, Judge:
In his notices of deficiency, respondent determined deficiencies in and additions to petitioners’ Federal income taxes as follows:
Additions to tax
Docket No./ petitioners Year Deficiency Sec. 6653(a)(1) 3 Sec. 6653(a)(2)
3896-84 1980 $63,008.00 $3,150.00 ---
Ewing(s) 1981 56,444.00 2,822.00 ---
27900-84 1980 12,747.00 637.35 ---
Leong(s) 1981 66,212.01 3,310.60 50% of interest due on $3,310.60
14511-84 1980 70,025.92 3,501.30 ---
Czarneski(s) 1981 132,049.49 6,602.47 50% of interest due on
$6,602.47
13442-84 Toll(s) 1980 85,283.00 ---
Additions to tax
Docket No./
petitioners Year…
2Cases cited35 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Jack E. Golsen and Sylvia H. Golsen v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1971
- Neely v. CommissionerUnited States Tax Court · 1985
- E.A. Brannen and Frances K. Brannen v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1984
- George v. Zmuda and Walburga Zmuda v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1984
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