Burrill v. Commissioner
United States Tax Court
Petitioner allegedly incurred short-term capital losses when he engaged a foreign investment bank to trade at its discretion metals futures on his behalf. The only documentary evidence of the trades and losses consists of confirmation notices from the foreign bank to petitioner.
Read the full summary
Petitioner allegedly incurred short-term capital losses when he engaged a foreign investment bank to trade at its discretion metals futures on his behalf. The only documentary evidence of the trades and losses consists of confirmation notices from the foreign bank to petitioner. Petitioner allegedly borrowed $ 1 million from the bank on Dec. 16, 1980; within 8 days he apparently lost $ 1,000,750, which he deducted for 1980. Petitioner allegedly borrowed $ 300,000 from an entity related to the bank on Oct. 15, 1981; by Dec. 28, 1981, he apparently lost $ 358,800, which he deducted for 1981.…
1Opinion of the Court
CHABOT, Judge:
Respondent determined deficiencies in Federal individual income tax against petitioner as follows:
Year Deficiency
1980.$216,447
1981. 68,879
1982. 90,105
By amended answer respondent asserted that petitioner is liable for additions to tax under section 6653(a)1 (negligence, etc.) for 1980, 1981, and 1982 on account of petitioner’s commodities futures transactions through Co-op Investment Bank, Ltd. (hereinafter sometimes referred to as Co-op). Respondent subsequently conditionally conceded both the deficiency and the additions to tax for 1982.2
After concessions by respondent, the…
2Cases cited20 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Beard v. Comm'rUnited States Tax Court · 1984
- Robert D. Beard v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1986
15 more not listed; retrieve them via the Exa API.
3Cited by13 opinions
- Krumhorn v. Comm'rUnited States Tax Court · 1994
- Hubert Enters. v. Comm'rUnited States Tax Court · 2005
- Vasquez v. Comm'rUnited States Tax Court · 2007
- Houser v. CommissionerUnited States Tax Court · 1995
- Joseph I. Askren v. 21st Street Inn and Third Savings and Loan CompanyCourt of Appeals for the Third Circuit · 1993
8 more not listed; retrieve them via the Exa API.