No. 91, Docket 93-6016.

13 F.3d 577 (1994)

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

United States Court of Appeals, Second Circuit.

Decided January 6, 1994.

Attorney(s) appearing for the Case

Robert Sadowski, Asst. U.S. Atty. for the Southern District of New York (Gabriel W. Gorenstein, Asst. U.S. Atty., Roger S. Hayes, U.S. Atty. for the Southern District of New York, of counsel), for defendant-appellant.

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

Before: FEINBERG, CARDAMONE, and ALTIMARI, Circuit Judges.

CARDAMONE, Circuit Judge:

This appeal concerns the tax consequences arising from taxpayers' charitable donation of futures contracts while retaining the right to a portion of the income from the subsequent sale of the contracts by the charity. Its resolution requires us to revisit a line of cases beginning with Lucas v. Earl, 281 U.S. 111, 50 S.Ct. 241, 74 L.Ed. 731 (1930), and relied upon in Helvering v. Horst,


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