OCEAN COVE CORP. RET. PLAN & TRUST v. U.S.

No. 85-8112-CIV.

657 F.Supp. 776 (1987)

OCEAN COVE CORPORATION RETIREMENT PLAN AND TRUST, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, S.D. Florida, Miami Division.

February 19, 1987.


Attorney(s) appearing for the Case

Stuart Gollinger, Westport, Conn., for plaintiff.

Michael J. King, and Jose F. DeLeon, Tax Div., Dept. of Justice, Washington, D.C., for defendant.


MEMORANDUM OPINION AND FINAL JUDGMENT

SPELLMAN, District Judge.

The Plaintiff is a qualified pension trust fund established by a written agreement of trust between Ocean Cove Corporation, a Florida Corporation, employer, and a named trustee. Over a four year period, from 1978 through 1981, the Plaintiff realized short term capital gains from investments in securities purchased on borrowed funds through a margin account. The Internal Revenue Service ("Service...

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