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FRANK LYON CO. v. UNITED STATES

No. 75-1615.

536 F.2d 746 (1976)

FRANK LYON COMPANY, Appellee, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Eighth Circuit.

Decided May 26, 1976.

As Modified on Denial of Rehearing and Rehearing August 6, 1976.

Attorney(s) appearing for the Case

Gary R. Allen, Atty., Tax Div., Dept. of Justice, Washington, D. C., for appellant; Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, John A. Dudeck, Jr., Attys., Tax Div., Dept. of Justice, Washington, D. C., and Wilbur H. Dillahunty, U. S. Atty., Little Rock, Ark., on brief.

C. J. Giroir, Rose, Nash, Williamson, Carroll, Clay & Giroir, Little Rock, Ark., for appellee; J. Gaston Williamson and Rose, Nash, Williamson, Carroll, Clay & Giroir, Little Rock, Ark., on brief.

Before BRIGHT and HENLEY, Circuit Judges, and REGAN, District Judge.

As Modified on Denial of Rehearing and Rehearing En Banc August 6, 1976.

BRIGHT, Circuit Judge.

This income tax controversy arises from a series of complex documents which purport to effect a sale of a bank building (not including the underlying land) by a bank to taxpayer, Frank Lyon Company, and a 65-year leaseback with options to purchase the building by the bank. The question presented is whether these transactions vested taxpayer with ownership of the...

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