FORSETH v. C.I.R.

No. 86-1209.

845 F.2d 746 (1988)

Arnold T. FORSETH, Gerald R. Formsma and Constance Y. Formsma, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided May 6, 1988.


Attorney(s) appearing for the Case

Edward G. Lavery, Hercules & Lavery, Dallas, Tex., for petitioners-appellants.

Kenneth L. Greene, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before CUDAHY and MANION, Circuit Judges, and WILL, Senior District Judge.


WILL, Senior District Judge.

This is a somewhat complicated case involving the tax treatment of losses allegedly incurred by taxpayers as a result of their investment in a commodity straddle tax shelter. Although here we are dealing with only three appellants (Mr. and Mrs. Formsma and Mr. Forseth), the case was originally a consolidated trial at the tax court level involving several different persons similarly situated. The five other parties involved in the tax case...

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