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FARM SERVICE CO-OP. v. C. I. R.

No. 78-1754.

619 F.2d 718 (1980)

FARM SERVICE COOPERATIVE, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant, National Council of Farmer Cooperatives, Amicus.

United States Court of Appeals, Eighth Circuit.

Decided April 11, 1980.

Rehearing Denied May 19, 1980.

Attorney(s) appearing for the Case

Leonard J. Henzke, Jr., Atty., Tax Div., Dept. of Justice, Washington, D. C., for appellant; M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Atty., Tax Div., Dept. of Justice, Washington, D. C., on brief.

B. Harvey Hill, Jr., Alston, Miller & Gaines, Atlanta, Ga., for appellee; Sidney O. Smith, Jr., Franklin R. Nix, and Michael G. Wasserman, Atlanta, Ga., on brief.

Donald E. Graham, Washington, D. C., and Arthur E. Bryan, Jr., McDermott, Will & Emery, Chicago, Ill., for amicus, National Council of Farmer Cooperatives.

Before BRIGHT and McMILLIAN, Circuit Judges, and DEVITT, Chief District Judge.

BRIGHT, Circuit Judge.

The Commissioner of Internal Revenue (Commissioner) appeals from a decision of the United States Tax Court in favor of Farm Service Cooperative (taxpayer).1 The Tax Court determined that taxpayer, a nonexempt farm cooperative,2 could offset losses suffered in patronage activities against its taxable income. For the reasons set forth below, we conclude that this determination was erroneous...

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