Ninth Circuit -- HENRY SAMUELI V. CIR

A purported securities loan with a fixed term of at least 250 days and possibly as long as 450 days, entered into not for the purpose of providing the borrower with access to the lent securities, but instead for the purpose of avoiding taxable income for the lender (does not qualify) for nonrecognition treatment as a securities loan pursuant to § 1058 of the Internal Revenue Code.

HENRY SAMUELI V. CIR