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TENNESSEE-CAROLINA TRANSP., INC. v. C. I. R.

No. 76-2496.

582 F.2d 378 (1978)

TENNESSEE-CAROLINA TRANSPORTATION, INC., Plaintiff-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided August 21, 1978.

Attorney(s) appearing for the Case

H. Stennis Little, Jr., Little, Thrailkill & Owen, P.C., Nashville, Tenn., for plaintiff-appellant.

Richard L. Hubbard, Washington, D. C., for amicus curiae Continental Corp.

Scott P. Crampton, Asst. Atty. Gen., Michael L. Paup, Alfred S. Lombardi, Attys., Tax Division, U. S. Dept. of Justice, Washington, D. C., Gilbert E. Andrews, Meade Whitaker, Chief Counsel, Internal Revenue Service, Washington, D. C., for defendant-appellee.

Before WEICK, CELEBREZZE and KEITH, Circuit Judges.

CELEBREZZE, Circuit Judge.

The principal issue presented on appeal is whether the tax benefit rule1 is applicable to a corporate liquidation governed by Internal Revenue Code § 336. We hold that it is and affirm the decision of the Tax Court.2

Taxpayer, Tennessee-Carolina Transportation, Inc., is a Tennessee corporation engaged in the motor freight transportation business. Pursuant to a contract...

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