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SWARTZ v. C.I.R.

No. 88-2757.

876 F.2d 657 (1989)

Floyd Eugene SWARTZ, Jr., Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided June 2, 1989.

Attorney(s) appearing for the Case

Floyd Eugene Swartz, appellant pro se.

William S. Rose, Jr., Gary R. Allen, Kenneth L. Green, and Curtis C. Pett, Washington, D.C., for appellee.

Before ARNOLD, BOWMAN and MAGILL, Circuit Judges.

PER CURIAM.

The dispositive issue in this case is whether certain gold and silver commodity futures contracts bought and sold by taxpayer Floyd E. Swartz, Jr. constituted capital assets under section 1221 of the Internal Revenue Code.1 The Tax Court2 held that losses stemming from these contracts were capital losses, which could not be deducted from ordinary income to eliminate tax liability. We affirm.

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