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TAMPA & GULF COAST RAILROAD COMPANY v. C. I. R.

No. 72-2158 Summary Calendar.

469 F.2d 263 (1972)

TAMPA & GULF COAST RAILROAD COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

November 13, 1972.

Attorney(s) appearing for the Case

Joe K. Moore, Jacksonville, Fla., for petitioner-appellant.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., Dept. of Justice, Lee H. Henkel, Jr., Acting Chief Counsel, Michael R. Frosch, Atty., Internal Revenue Service, Washington, D. C., for respondent-appellee.

Before GEWIN, AINSWORTH and SIMPSON, Circuit Judges.

PER CURIAM:

In this petition to review a Tax Court decision, 56 T.C. 1393, we are called upon to decide whether the court properly considered a conglomerate's treatment of interest on a debt. The Tax Court's decision was adverse to the taxpayer which had inconsistently treated interest on a debt. We affirm because in our view the Tax Court properly closed a loophole which the conglomerate had opened.

The taxpayer, Tampa &...

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