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KILLINGSWORTH v. C.I.R.

Nos. 87-4623, 88-4227 and 88-4551.

864 F.2d 1214 (1989)

Raymond KILLINGSWORTH and Patsy Killingsworth, Petitioners-Appellants v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. T.B. HUDSON and Dorothy Hudson, Petitioners-Appellants v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Donald R. METZ and Cathy S. Metz, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Herbert H. BLANKINSHIP and V. Elizabeth Blankinship, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Hugh L. CLEARMAN and Dorothy Clearman, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Robert C. NOREN and Willie M. Noren, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Alfred L. FRIEDLANDER and Paula Friedlander, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

February 8, 1989.

Attorney(s) appearing for the Case

Martin M. Ruken, Chicago, Ill., for petitioners-appellants in No. 87-4623.

William F. Nelson, Chief Counsel, I.R.S., Kenneth L. Greene, Glenn L. Archer, Jr., Michael L. Paup, Chief, Michael C. Durney, Richard Farber, Asst. Attys. Gen., Appellate Section, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee in No. 87-4623.

Martin M. Ruken, Vedder, Price, Kaufman & Kammholz, Chicago, Ill., for petitioners-appellants in No. 88-4227.

William F. Nelson, Chief Counsel, I.R.S., Kenneth L. Greene, Gary R. Allen, Chief, William S. Rose, Jr., Richard Farber, Asst. Attys. Gen., Appellate Section, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee in No. 88-4227.

Martin M. Ruken, Stuart D. Kenney, Chicago, Ill., for petitioners-appellants in No. 88-4551.

Gary R. Allen, William S. Rose, Jr., William F. Nelson, Chief Counsel, I.R.S., Kenneth L. Greene, Asst. Attys. Gen., Appellate Section, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee in No. 88-4551.

Before JOHNSON, DAVIS, and JONES, Circuit Judges.

JOHNSON, Circuit Judge:

Petitioners/appellants appeal from a decision of the Tax Court which disallowed their claimed tax deductions for losses incurred as a result of straddle transaction trading on the London Metal Exchange. For the reasons cited herein, we affirm.

I. FACTS AND PROCEDURAL HISTORY

At issue in this case is the deductibility of losses allegedly incurred by taxpayers as a result of trading on the London Metal

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