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CONTINENTAL EQUITIES, INC. v. C. I. R.

No. 75-1562.

551 F.2d 74 (1977)

CONTINENTAL EQUITIES, INC., Petitioner-Appellee Cross-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant Cross-Appellee.

United States Court of Appeals, Fifth Circuit.

April 25, 1977.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Gilbert E. Andrews, Acting Chief, Appellate Section, Dept. of Justice, Tax Div., Meade Whitaker, Chief Counsel, I. R. S., Jonathan S. Cohen, David E. Carmack, Leonard J. Henzke, Jr., Attys., Tax Div., Dept. of Justice, Washington, D. C., for Commissioner of Internal Revenue.

Robert A. Shupack, North Miami Beach, Fla., Eugene Short, Jr., Coral Gables, Fla., for Continental Equities, Inc.

Before JONES, COLEMAN and CLARK, Circuit Judges.

CLARK, Circuit Judge:

This appeal and cross-appeal are taken from a decision of the United States Tax Court. The Commissioner of Internal Revenue [Commissioner] challenges a ruling invalidating the assessment of an income tax deficiency against Continental Equities, Inc. [Continental]. The Commissioner contends that two net operating loss deductions taken by Continental should have been disallowed. Continental cross-appeals, urging that the Tax Court erred in upholding...

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