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WRIGHT v. C.I.R.

No. 15-1071.

809 F.3d 877 (2016)

Terry L. WRIGHT; Cheryl A. Wright, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: January 7, 2016.

Attorney(s) appearing for the Case

ARGUED: Adam H. Charnes , Kilpatrick Townsend & Stockton, LLP, Winston-Salem, North Carolina, for Appellants. Anthony T. Sheehan , United States Department of Justice, Washington, D.C., for Appellee. ON BRIEF: Adam H. Charnes , Kilpatrick Townsend & Stockton, LLP, Winston-Salem, North Carolina, Charles E. Hodges II , Kilpatrick Townsend & Stockton, LLP, Atlanta, Georgia, James E. Brown , Kilpatrick Townsend & Stockton, LLP, Washington, D.C., for Appellants. Anthony T. Sheehan , Francesca Ugolini , United States Department of Justice, Washington, D.C., for Appellee.

Before KEITH, ROGERS, GRIFFIN, Circuit Judges.

OPINION

Section 1256 of the Internal Revenue Code provides that an investor who holds certain types of derivatives at the close of the taxable year must "mark to market" those derivatives by treating them as having been sold for their fair market value on the last business day of the taxable year. A "foreign currency...

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