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MONARCH CEMENT CO. v. UNITED STATES

No. 78-2026.

634 F.2d 484 (1980)

MONARCH CEMENT COMPANY, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Tenth Circuit.

Decided October 27, 1980.

Attorney(s) appearing for the Case

Robert T. Duffy, Washington, D. C. (M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews and Jonathan S. Cohen, Attys., Tax Division, Dept. of Justice, Washington, D. C., with him on the brief), (James P. Buchele, U. S. Atty., and Jon K. Sargent, Asst. U. S. Atty., Wichita, Kan., of counsel), for defendant-appellant.

Richard Jones, Wichita, Kan. (Greer Gsell, Wichita, Kan., with him on the brief), of Hershberger, Patterson, Jones & Roth, Wichita, Kan., for plaintiff-appellee.

Before McKAY and BREITENSTEIN, Circuit Judges, and MARKEY, Chief Judge.

McKAY, Circuit Judge.

The district court found that certain warrants (options) issued as part of a 1956 loan transaction were equivalent, for federal income taxation purposes, to an additional interest charge of 1½ percent per annum. Monarch Cement Co. v. United States, 458 F.Supp. 384, 387 (D.Kan.1978). The finding translates into an effective value for the warrants of $643,957.14. If that valuation stands, taxpayer...

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