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DEWEES v. C.I.R.

No. 87-1763.

870 F.2d 21 (1989)

David DEWEES and Anne Dewees, Petitioners, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent, Appellee.

United States Court of Appeals, First Circuit.

Decided March 15, 1989.

Attorney(s) appearing for the Case

Martin M. Ruken with whom Stuart D. Kenney, Vedder, Price, Kaufman & Kammholz, Kenneth C. Shepro and Altheimer & Gray, Chicago, Ill., were on brief, for petitioners.

Kenneth L. Greene, Tax Div., Dept. of Justice, with whom William S. Rose, Jr., Asst. Atty. Gen., Gary R. Allen and Richard Farber, Tax Div., Dept. of Justice, Washington, D.C., were on brief, for respondent.

Before BOWNES and BREYER, Circuit Judges, and BROWN, Senior Circuit Judge.

BREYER, Circuit Judge.

Taxpayers David and Anne Dewees appeal from a Tax Court decision that a 1978 loss they incurred while engaged in "straddle" trading on the London Metals Exchange was not an "ordinary loss" deductible from their income. See Internal Revenue Code, 26 U.S.C. § 165(c)(2) (1982); Deficit Reduction Act of 1984, Pub.L. No. 98-369, § 108, 98 Stat. 494, 630-631 (1984) (a provision enacted specifically to govern deductions of losses from...

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