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KIELMAR v. C.I.R.

Nos. 88-2637 to 88-2642 and 88-2649 to 88-2652.

884 F.2d 959 (1989)

Stanley R. KIELMAR and Carol J. Kielmar, et al., Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 28, 1989.

Attorney(s) appearing for the Case

Milton A. Levenfeld, Alan F. Segal, Michael J. Tuchman, Levenfeld, Eisenberg, Janger, Glassberg, Genson & Lippitz, Chicago, Ill., for petitioners-appellants.

Richard Farber, Gary R. Allen, William S. Rose, Jr., Asst. Atty. Gen., Kenneth L. Greene, Dept. of Justice, Tax Div., Appellate Section, Charles S. Casazza, William F. Nelson, I.R.S., Washington, D.C., for respondent-appellee.

Before BAUER, Chief Judge, WOOD, Jr., Circuit Judge, and WILL, Senior District Judge.

WILL, Senior District Judge.

This is an appeal from a decision of the United States Tax Court that taxpayers' option trades on the London Metals Exchange lacked economic substance and that taxpayers could not, therefore, deduct their losses on those trades. We have already addressed this matter in Yosha v. Commissioner, 861 F.2d 494 (7th Cir.1988), but the present appellants allege that they were denied an opportunity to present...

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