United States Third Circuit

In a dispute involving a federal income tax refund, summary judgment in favor of the government is affirmed where the court properly held that that 26 U.S.C. sec. 162(k)(1) disallows plaintiff from claiming the deduction available under 26 U.S.C. sec. 404(k)(1) for payments to an Employee Stock Ownership Plan trust in redemption of the preferred stock, as it inevitably involves an amount paid or incurred by a corporation in connection with the reacquisition of its stock.

Appellate Information

• Argued 01/06/2009
• Decided 07/13/2009
• Published 07/13/2009

Judges

• Before:  FUENTES and FISHER, Circuit Judges, and PADOVA District Judge.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Ronald S. Rolfe, (Argued), Cravath, Swaine & Moore, New York, NY, for Appellant.


• For Appellees:
  
• Ellen P. DelSole, (Argued), United States Department of Justice, Washington, DC, for Appellee.