United States First Circuit

The Tax Court's holding that plaintiff's subsidiary was not permitted to deduct a capital loss in plaintiff's taxable year is reversed where, pursuant to a Treasury regulation, the obligation underlying the capital loss was held by a "nonmember."

Appellate Information

• Decided 07/16/2003
• Published 07/16/2003

Judges

• JOHN C. PORFILIO, Senior Circuit Judge., Before LIPEZ, Circuit Judge, PORFILIO, Senior Circuit Judge, HOWARD, Circuit Judge.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Kenneth B. Clark and James P. Fuller, with whom David L. Forst and Fenwick & West, were on the brief for appellant., Kenneth W. Rosenberg, Attorney, Department of Justice, with whom Jonathan S. Cohen, Attorney, Department of Justice, and Eileen J. O'Connor, Assistant Attorney General, was on the brief for the Commissioner of Internal Revenue.