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PIKE v. U.S.

No. 95-2358.

88 F.3d 54 (1996)

Milo L. PIKE and Penny P. Pike, Plaintiffs, Appellants, v. UNITED STATES of America, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided July 12, 1996.

Attorney(s) appearing for the Case

Eugene M. Van Loan, III with whom Richard Thorner and Wadleigh, Starr, Peters, Dunn & Chiesa, Manchester, were on brief, for appellants.

Thomas V.M. Linguanti with whom Gary R. Allen, Jonathan S. Cohen, Attorneys, Tax Division, Department of Justice, Loretta C. Argrett, Assistant Attorney General, and Paul M. Gagnon, United States Attorney, were on brief, for appellee.

Before CYR, Circuit Judge, ALDRICH, Senior Circuit Judge, and GERTNER, District Judge.

BAILEY ALDRICH, Senior Circuit Judge.

This case involves the government's familiar income tax principle of taxing gains in the sale or exchange of capital assets but disallowing deduction of losses, except against comparable taxable gains. See 26 U.S.C. § 1211. During the 1980s, Milo Pike ("Taxpayer") made substantial purchases of stock in a number of New England banks with the intent of creating a regional bank holding company, whose stock he could sell...

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