Robert DeMARTINO, Appellant-Cross-Appellee,
v.
COMMISSIONER OF INTERNAL REVENUE, Appellee-Cross-Appellant.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued September 28, 1988.
Decided November 23, 1988.
Attorney(s) appearing for the Case
James C. Sherwood, New York City (Kostelanetz Ritholz Tigue & Fink, Jules Ritholz, David M. Kohane, New York City, of counsel), for appellant-cross-appellee.
Francis M. Allegra, Washington, D.C. (William S. Rose, Jr., Asst. Atty. Gen., Gary R. Allen, Chief, Appellate Section, Richard Farber, Kenneth L. Greene, Tax Div., Dept. of Justice, Washington, D.C., of counsel), for appellee-cross-appellant.
Before OAKES, MINER and ALTIMARI, Circuit Judges.
United States Court of Appeals, Second Circuit.
OAKES, Circuit Judge:
At least since Gregory v. Helvering,293 U.S. 465, 55 S.Ct. 266, 79 L.Ed. 596 (1935), the Internal Revenue Service and the courts have looked askance at transactions that are "sham" or lack a business purpose. See 6 J. Mertens, Law of Federal Income Taxation § 26.10 (1985). The taxpayer in this case, Robert DeMartino, would have us view otherwise the crude oil futures trading losses that...
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