REDWOOD EMPIRE S & L ASS'N v. C. I. R.

No. 78-1775.

628 F.2d 516 (1980)

REDWOOD EMPIRE SAVINGS & LOAN ASSOCIATION, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Rehearing Denied October 7, 1980.


Attorney(s) appearing for the Case

Paul E. Anderson, San Francisco, Cal., for petitioner-appellant.

Daniel F. Ross, Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellee; M. Carr Furgson, Tax Div., Dept. of Justice, Washington, D. C., on brief.

Before WALLACE and FARRIS, Circuit Judges, and KARLTON, District Judge.


WALLACE, Circuit Judge:

Taxpayer Redwood Empire Savings & Loan Association (Redwood) appeals from several adverse rulings of the United States Tax Court. Redwood contends that the Tax Court erred in upholding the conclusion of the Commissioner of Internal Revenue (Commissioner) that Redwood could not deduct from its taxes certain losses and payments as ordinary business expenses under the Internal Revenue Code. We affirm...

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