United States Federal Circuit

An award by the Court of Federal Claims of a full refund to a taxpaying company for an assessment it paid to the IRS following a disallowal of certain capital loss is vacated where, although the taxpayer's claimed capital loss fell within the literal terms of a relevant statute, the transaction at issue lacked economic substance and therefore had to be disregarded for tax purposes.

Appellate Information

• Decided 07/12/2006
• Published 07/12/2006

Judges

• DYK, Circuit Judge., Before BRYSON, GAJARSA, and DYK, Circuit Judges.

Court

• United States Federal Circuit

Counsel

• For Appellees:
  
• Stephen D. Gardner, Kronish Lieb Weiner & Hellman LLP, of New York, New York, argued for plaintiff-appellee.   With him on the brief were William H. O'Brien, Ann-Elizabeth Purintun, Stephen A. Wieder, and Clint E. Massengill., Judith A. Hagley, Attorney, Tax Division, Appellate Section, United States Department of Justice, of Washington, DC, argued for defendant-appellant.   With her on the brief were Eileen J. O'Connor, Assistant Attorney General;  Richard T. Morrison, Deputy Assistant Attorney General;  Gilbert S. Rothenberg and Richard Farber, Attorneys.