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JIM WALTER CORPORATION v. UNITED STATES

No. 73-3656.

498 F.2d 631 (1974)

JIM WALTER CORPORATION, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

July 31, 1974.

Attorney(s) appearing for the Case

Harry H. Root, III, Norman Stallings, Thomas C. MacDonald, Jr., Tampa, Fla., for plaintiff-appellant.

Scott P. Crampton, Asst. Atty. Gen., Tax Div., Rodger M. Moore, Atty., Meyer Rothwacks, Chief, App. Sec., Dept. of Justice, Washington, D. C., John L. Briggs, U. S. Atty., Jacksonville, Fla., Bennet N. Hollander, Atty., Tax Div., Arthur L. Bailey, Atty., Justice Dept., Washington, D. C., Ronald H. Watson, Asst. Atty., Tampa, Fla., for defendant-appellee.

Before TUTTLE, COLEMAN and AINSWORTH, Circuit Judges:

TUTTLE, Circuit Judge:

The sole issue in this refund suit is whether the district court correctly held that taxpayer Jim Walter Corporation could not deduct as an ordinary and necessary business expense under section 162 of the Internal Revenue Code the net amount of $750,120 paid to purchase 188,000 outstanding FRB Warrants in June, 1959.1 The disallowance of this deduction required the taxpayer...

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