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GULF, MOBILE & OHIO R. CO. v. UNITED STATES

No. 73-3409.

579 F.2d 892 (1978)

GULF, MOBILE AND OHIO RAILROAD COMPANY, Plaintiff-Appellee Cross-Appellant, v. UNITED STATES of America, Defendant-Appellant Cross-Appellee.

United States Court of Appeals, Fifth Circuit.

September 5, 1978.

Attorney(s) appearing for the Case

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Chief, Donald B. Craven, John P. Downes, Tax Div., Refund Trial Section # 2, U. S. Dept. of Justice, Washington, D. C., Charles S. White-Spunner, Jr., U. S. Atty., Mobile, Ala., Gilbert E. Andrews, Ernest J. Brown, Attys., Tax Div. Dept. of Justice, Washington, D. C., for defendant-appellant-cross-appellee.

W. A. Kimbrough, Mobile, Ala., Robert T. Molloy, James L. Boring, Vienna, Va., for plaintiff-appellee-cross-appellant.

Before BROWN, Chief Judge, WISDOM and GEWIN, Circuit Judges.

JOHN R. BROWN, Chief Judge:

The issue in this tax refund case is whether Gulf, Mobile & Ohio Railroad Company (GM&O) can receive a deduction for original issue discount on the exchange of debentures for its own preferred stock. Or, in other words, is this case distinguishable from Commissioner v. National Alfalfa Dehydrating & Milling Co., 1974, 417 U.S. 134, 94 S.Ct. 2129, 40 L.Ed.2d 717? The District Court held...

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