United States Fifth Circuit

In a foreign stock transaction involving the purchase and resale of American Depository Receipts (ADRs), ADR transactions have economic substance and should be not be disregarded for federal income tax purposes.

Appellate Information

• Decided 12/28/2001
• Published 12/28/2001

Judges

• EDITH H. JONES, Circuit Judge:, Before JONES, SMITH and DeMOSS, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• Mark A. Oates (argued), Thomas V.M. Linguanti, Robert S. Walton, Baker & McKenzie, Chicago, IL, Allen Duane Webber, Baker & McKenzie, Washington, DC, John M. Peterson, Baker & McKenzie, Palo Alto, CA, for Petitioner-Appellant., Thomas James Sawyer (argued), Richard Bradshaw Farber, U.S. Dept. of Justice, Tax Div., Charles Casazza, Clerk, U.S. Tax Court, Richard W. Skillman Chief Counsel, IRS, Claire Fallon, Acting Asst. Atty. Gen., U.S. Dept. of Justice, Washington, DC, for CIR.