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
Frederick A. and Martha G. Alling, et al., 1 Petitioners v. Commissioner of Internal Revenue, Respondent
Alling v. Commissioner
Docket Nos. 6197-84, 15748-84, 29586-84, 31737-84, 37132-84, 5676-85, 29996-85, 41809-85, 39519-86, 45975-86, 29527-87, 27523-88, 5214-89, 22733-90
United States Tax Court
102 T.C. 323; 1994 U.S. Tax Ct. LEXIS 11; 102 T.C. No. 10;
February 24, 1994, Filed
Decisions will be entered under Rule 155.
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…
2Cases cited50 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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