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BOCA INVESTERINGS PARTNERSHIP v. U.S.

No. 01-5429.

314 F.3d 625 (2003)

BOCA INVESTERINGS PARTNERSHIP, a Partnership and American Home Products Corporation, Tax Matters Partner, Appellees, v. UNITED STATES of America, Appellant.

United States Court of Appeals, District of Columbia Circuit.

Decided January 10, 2003.

Attorney(s) appearing for the Case

Mark V. Holmes, Attorney, U.S. Department of Justice, argued the cause for appellant. With him on the briefs were Roscoe C. Howard, Jr., U.S. Attorney, Richard Farber and Edward T. Perelmuter, Attorneys, U.S. Department of Justice.

Christopher Kliefoth argued the cause for appellees. With him on the brief were William L. Goldman and Diane L. Cafritz. Melvin White entered an appearance.

Before: SENTELLE, HENDERSON and TATEL, Circuit Judges.

Opinion for the Court filed by Circuit Judge SENTELLE.

SENTELLE, Circuit Judge:

In 1990, American Home Products (AHP), sold a subsidiary, Boyle-Midway, for a capital gain of more than $605 million. Just before the sale, Merrill Lynch approached AHP with an investment plan which would enable AHP to claim paper tax losses of a comparable amount, while generating only about $8 million in actual losses. AHP was one of several Fortune 500 companies that Merrill...

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