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TEXTRON, INC. v. UNITED STATES

No. 76-1446.

561 F.2d 1023 (1977)

TEXTRON, INC., Plaintiff, Appellee, v. UNITED STATES of America, Defendant, Appellant.

United States Court of Appeals, First Circuit.

Decided June 23, 1977.

Attorney(s) appearing for the Case

Gary R. Allen, Atty., Tax. Div., Dept. of Justice, Washington, D. C., argued, with whom Scott P. Crampton, Asst. Atty. Gen., Myron C. Baum, Acting Asst. Atty. Gen., Lincoln C. Almond, Providence, R. I., U.S. Atty., Gilbert E. Andrews and Richard Farber, Atty., Tax Div., Dept. of Justice, Washington, D. C., were on brief, for defendant, appellant.

Peter J. Rothenberg, New York City, argued, with whom Edwards & Angell, Providence, R. I., Paul, Weiss, Rifkind, Wharton & Garrison, New York City, Richard M. Borod, Providence, R. I., Morris B. Abram, Adian W. DeWind, Kevin J. O'Brien, and Steven E. Landers, New York City, were on brief, for plaintiff, appellee.

Before COFFIN, Chief Judge, CAMPBELL, Circuit Judge, and BOWNES, District Judge.

COFFIN, Chief Judge.

In the 1950's Textron, Inc. had a wholly owned subsidiary, Hawaiian Textron, Inc. (Hawaiian). Hawaiian ran passenger ships between Hawaii and the West Coast and lost enormous sums of money in the process. In 1959, creditors foreclosed on its assets. Textron's six million dollar investment in Hawaiian's stock and debt became worthless, with one possible exception: Hawaiian's huge losses could be used to reduce its taxable corporate income in future...

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