GREENE v. U.S.

No. 91 Civ. 3177 (GLG).

806 F.Supp. 1165 (1992)

Leonard GREENE and Joyce Greene, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court, S.D. New York.

November 24, 1992.


Attorney(s) appearing for the Case

Orans, Elsen & Lupert, New York City (Sheldon H. Elsen, Melissa A. Cohen, of counsel), Gerald & Lawrence Blumberg, New York City (Richard A. Sporn, of counsel), for plaintiffs.

Otto G. Obermaier, U.S. Atty., S.D.N.Y. by Robert W. Sadowski, Asst. U.S. Atty., New York City, for defendant.


OPINION

GOETTEL, District Judge.

This action arises out of a tax assessment made by the Internal Revenue Service on plaintiffs Leonard and Joyce Greene. The IRS determined that the plaintiffs were required to report as income the gain realized from the sale of certain commodity futures contracts that was donated to a private foundation run by plaintiffs.

I. FACTUAL BACKGROUND

Plaintiffs Leonard and Joyce Greene,1

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