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LINCOLN SAVINGS AND LOAN ASSOCIATION v. C. I. R.

No. 23923.

422 F.2d 90 (1970)

LINCOLN SAVINGS AND LOAN ASSOCIATION, Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Ninth Circuit.

Rehearing Denied March 18, 1970.

Attorney(s) appearing for the Case

Adam Y. Bennion (argued), of MacKay McGregor & Bennion, Los Angeles, Cal., for appellant.

David E. Carmack (argued), Atty., Dept. of Justice, Johnnie M. Walters, Asst. Atty. Gen., Tax Div., Dept. of Justice, K. Martin Worthy, Chief Counsel, IRS, Washington, D. C., for appellee.

Before ELY and HUFSTEDLER, Circuit Judges, and THOMPSON, District Judge.

THOMPSON, District Judge:

We are asked to review a determination by the Tax Court. A deduction of $882,636.86 from Appellant's gross income for 1963 was contested. The Tax Court held that Appellant's payment, made for inclusion in the Secondary Reserve Account of the Federal Savings and Loan Insurance Corporation (FSLIC) resulted in the acquisition of a capital asset rather than constituting an ordinary and necessary business expense deductible in the year paid as...

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