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HERRINGTON v. C.I.R.

No. 87-4770.

854 F.2d 755 (1988)

Clemon J. and Ivy C. HERRINGTON, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied November 1, 1988.

Attorney(s) appearing for the Case

Robert Jackson Herrington, Baton Rouge, La., for petitioners-appellants.

Clemon Herrington and Ivy Herrington, Alexander, La., pro se.

Kenneth L. Greene, Michael L. Paup, Chief Appellate Section Tax Div., Dept. of Justice, William F. Nelson, Chief Counsel, I.R.S., Roger M. Olsen, William S. Rose, Richard Farber, Washington, D.C., for respondent-appellee.

Before KING and JOHNSON, Circuit Judges, and LITTLE, District Judge.

JOHNSON, Circuit Judge:

Taxpayers appeal a Tax Court decision upholding gain on the second half of a "straddle" transaction adjudged a sham by the Tax Court in a companion case. Because we hold that the "duty of consistency" doctrine estops the taxpayers from relying on the sham transaction holding, we affirm.

I. BACKGROUND

From 1976 through 1978, Clemon and Ivy Herrington carried out a series of "straddle" transactions on the London Metal Exchange...

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