Alling v. Commissioner
United States Tax Court
Ps deducted straddle losses in years for which deficiencies are now barred by the statute of limitations. They seek to exclude straddle gains in a later open year by the amount of such losses. The parties have stipulated that the transactions in which Ps engaged were the same as those at issue in Fox v. Commissioner, 82 T.C. 1001 (1984), and that they were not entered into for profit.
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Ps deducted straddle losses in years for which deficiencies are now barred by the statute of limitations. They seek to exclude straddle gains in a later open year by the amount of such losses. The parties have stipulated that the transactions in which Ps engaged were the same as those at issue in Fox v. Commissioner, 82 T.C. 1001 (1984), and that they were not entered into for profit. Held, the phrase "to accurately reflect the taxpayer's net gain or loss from all positions in such straddle" modifies the phrase "not allowable as a deduction" and does not permit Ps to offset the straddle…
1Opinion of the Court
OPINION
Tannenwald, Judge:
The parties having settled all but one issue, this case comes before the Court fully stipulated under Rule 1222 by certain petitioners, on the issue of the tax treatment of the gains in the years involved herein from commodity tax straddles where the losses from those strad-dies were improperly deducted in the previous year but cannot be disallowed due to the statute of limitations.
The transactions in question were of the same type and essentially the same transactions at issue in Fox v. Commissioner, 82 T.C. 1001 (1984) (Fox transactions), and all involved the…
2Cases cited49 opinions
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- United States v. Skelly Oil Co.Supreme Court of the United States · 1969
- Charles Ilfeld Co. v. HernandezSupreme Court of the United States · 1934
- Glass v. CommissionerUnited States Tax Court · 1986
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- Alling v. CommissionerUnited States Tax Court · 1994
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