Boswell v. Commissioner
United States Tax Court
During 1979 and 1980, taxpayer, an investor as opposed to a dealer, entered into commodity straddle transactions and claimed ordinary loss deductions relating thereto. Held: Under sec. 108(a) of the Tax Reform Act of 1984, Pub. L. 98-369, 98 Stat. 494, 630, as amended by sec. 1808(d) of the Tax Reform Act of 1986, Pub.
Read the full summary
During 1979 and 1980, taxpayer, an investor as opposed to a dealer, entered into commodity straddle transactions and claimed ordinary loss deductions relating thereto. Held: Under sec. 108(a) of the Tax Reform Act of 1984, Pub. L. 98-369, 98 Stat. 494, 630, as amended by sec. 1808(d) of the Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2085, 2817-2818, losses relating to commodity straddle transactions entered into before June 23, 1981, are deductible if the taxpayer's primary motive for entering into the transactions was to realize an economic profit. Because of the 1986 amendment to…
1Opinion of the Court
OPINION
SWIFT, Judge:
This matter is before the Court on the parties’ cross-motions for summary judgment. The stipulated legal issue for decision concerns the test for determining whether commodity straddle transactions were entered into for profit within the meaning of section 108(a) of the Tax Reform Act of 1984, Pub. L. 98-369, 98 Stat. 494, 630, as amended by section 1808(d) of the Tax Reform Act of 1986, Pub. L. 99-514, 100 Stat. 2085, 2817-2818. Hereinafter, all references to section 108 will be to section 108 of the Tax Reform Act of 1984, supra. References to amended section 108 will be…
2Cases cited27 opinions
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Freytag v. CommissionerUnited States Tax Court · 1987
- Glass v. CommissionerUnited States Tax Court · 1986
- James E. Sochin v. Commissioner of Internal Revenue, Dennis S. Brown v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1988
- Brown v. CommissionerUnited States Tax Court · 1985
22 more not listed; retrieve them via the Exa API.
3Cited by18 opinions
- Ewing v. CommissionerUnited States Tax Court · 1988
- Laureys v. CommissionerUnited States Tax Court · 1989
- Ivan K. Landreth Lucille Landreth v. Commissioner Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1988
- Killingsworth v. CommissionerCourt of Appeals for the Fifth Circuit · 1989
- Raymond Killingsworth and Patsy Killingsworth v. Commissioner of Internal Revenue, T.B. Hudson and Dorothy Hudson v. Commissioner of Internal Revenue, Donald R. Metz and Cathy S. Metz v. Commissioner of Internal Revenue, Herbert H. Blankinship and v. Elizabeth Blankinship v. Commissioner of Internal Revenue, Hugh L. Clearman and Dorothy Clearman v. Commissioner of Internal Revenue, Robert C. Noren and Willie M. Noren v. Commissioner of Internal Revenue, Alfred L. Friedlander and Paula Friedlander v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1989
13 more not listed; retrieve them via the Exa API.