Randall et al. v. Loftsgaarden et al.

Decided July 2, 1986. Sandra Day O'Connor delivered the opinion of the Court.

Docket 85-519 · 478 U.S. 647 (1986) · Cited 320 times

Holding

The Court of Appeals erred in holding that 28(a) requires a rescissory recovery under 12(2) or 10(b) to be reduced by tax benefits received from a tax shelter investment.

The Court’s statement of the holding, from the opinion’s syllabus. The syllabus is prepared by the Reporter of Decisions and is not part of the opinion of the Court — read the official opinion for authority.

How the Justices voted

Decided 8–1.

“Concurring” means agreeing with the outcome; any split shown is the Court’s judgment, not each Justice’s reasoning. Source: the Supreme Court Database (Spaeth et al.), Washington University.

Precedents cited

Supreme Court decisions this opinion relies on, ordered by how often it cites each. Cases in our collection link through; others are named.

• Affiliated Ute Citizens of Utah v. United States · 406 U.S. 128 (1972)
• United Housing Foundation, Inc. v. Forman · 421 U.S. 837 (1975)
• Herman & MacLean v. Huddleston · 459 U.S. 375 (1983)
• Radzanower v. Touche Ross & Co. · 426 U.S. 148 (1976)
• Ernst & Ernst v. Hochfelder · 425 U.S. 185 (1976)
• New Colonial Ice Co. v. Helvering · 292 U.S. 435 (1934)
• Blue Chip Stamps v. Manor Drug Stores · 421 U.S. 723 (1975)
• J. I. Case Co. v. Borak · 377 U.S. 426 (1964)
• Santa Fe Industries, Inc. v. Green · 430 U.S. 462 (1977)
• Aaron v. Securities & Exchange Commission · 446 U.S. 680 (1980)
• Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Curran · 456 U.S. 353 (1982)
• Posadas v. National City Bank · 296 U.S. 497 (1936)
• Norfolk & Western Railway Co. v. Liepelt · 444 U.S. 490 (1980)
• United States v. Naftalin · 441 U.S. 768 (1979)
• Bateman Eichler, Hill Richards, Inc. v. Berner · 472 U.S. 299 (1985)
• United States v. United Continental Tuna Corp. · 425 U.S. 164 (1976)
• Hillsboro National Bank v. Commissioner · 460 U.S. 370 (1983)

Cited by

Later Supreme Court opinions in our collection that cite this case.

• Pinter v. Dahl · 486 U.S. 622 (1988)
• Dura Pharmaceuticals, Inc. v. Broudo · 544 U.S. 336 (2005)
• Lampf, Pleva, Lipkind, Prupis & Petigrow v. Gilbertson · 501 U.S. 350 (1991)
• United States v. Fausto · 484 U.S. 439 (1988)
• United States v. Smith · 499 U.S. 160 (1991)
• Musick, Peeler & Garrett v. Employers Ins. of Wausau · 508 U.S. 286 (1993)

Official text

Read the official opinion (U.S. Reports, govinfo.gov)

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Source: Supreme Court of the United States, slip opinions (1986). Citation count from the Free Law Project’s CourtListener bulk data. Data last verified 2026-07-03. Informational only; verify against the primary source before relying. Not a consumer report (FCRA).