Samueli v. Comr., 658 F.3d 992 (9th Cir. 2011)

(purported securities loan (securities purchased with fixed rate of return and paid for at price derived from variable interest rate) with fixed term of 250-450 days entered into for purpose of avoiding taxable income to the lender rather than provided borrower with access to loaned securities does not qualify for nonrecognition treatment as a securities loan under I.R.C. Sec. 1058; under facts of case, taxpayers relinquished all control over securities for all except two days in 450-day period and during those two days could not have taken advantage of spike in securities market value due to lack of ability to call securities back and sell them at increased price as a normal borrower would have been able to; interest deduction of $7.8 million attributable to fee payment denied).