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GREENE v. U.S.

No. 95-6006.

79 F.3d 1348 (1996)

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

United States Court of Appeals, Second Circuit.

Decided April 2, 1996.

Attorney(s) appearing for the Case

Robert W. Sadowski, Assistant United States Attorney, New York City (Mary Jo White, United States Attorney, Kay K. Gardiner, Assistant United States Attorney, Southern District of New York, New York City, 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 NEWMAN, Chief Judge, CARDAMONE and CABRANES, Circuit Judges.

CARDAMONE, Circuit Judge:

This appeal in a tax case concerns those portions of the Internal Revenue Code that govern the tax treatment of regulated futures contracts. The personal income taxation system generally operates on a "cash basis," which means that it usually requires gains to be recognized — or losses to be claimed — when property is sold and money or property is received in exchange. See 26 U.S.C. § 1001 (1994). The cash basis...

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