Legal Opinion
Edward E. Lee, Jr. And Betty J. Lee v. Commissioner of Internal Revenue, Gerard J. Schmidt and Mary A. Schmidt v. Commissioner of Internal Revenue
Court of Appeals for the Eighth Circuit
Decided August 29, 1989No. 87-2161, 88-1502PublishedCited by 21 opinions
1Opinion of the Court
LAY, Chief Judge.
These appeals arise from a decision of the tax court in consolidated proceedings sub nom. Glass v. Commissioner, 87 T.C. 1087 (1986). Jurisdiction in this court is based on 26 U.S.C. § 7482(a). In Glass, the tax court held that petitioners Edward and Betty Lee and Gerard and Mary Schmidt (taxpayers) wrongfully deducted ordinary losses under I.R.C. § 165(c)(2). The tax court further held that the transactions giving rise to these losses were without economic substance and, as such, were substantive shams. See Gregory v. Helvering, 293 U.S. 465, 469-70, 55 S.Ct. 266, 267-68, 79…
2Cases cited10 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Glass v. CommissionerUnited States Tax Court · 1986
- Kenneth P. Kirchman and Budagail S. Kirchman, Leo P. Ayotte and Nancy C. Ayotte v. Commissioner of Internal RevenueCourt of Appeals for the Eleventh Circuit · 1989
- Louis Buddy Yosha v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
- David Dewees and Anne Dewees v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1989
5 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Terence J. Horn and Jean Horn v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Terence J. Horn and Jean HornCourt of Appeals for the D.C. Circuit · 1992
- Lerman v. CommissionerCourt of Appeals for the Third Circuit · 1991
- Russo v. CommissionerUnited States Tax Court · 1992
- Bohrer v. CommissionerCourt of Appeals for the Tenth Circuit · 1991
- Gardner v. CommissionerCourt of Appeals for the Second Circuit · 1992
16 more not listed; retrieve them via the Exa API.