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  5. 639 F.2d 333 (1980)
 

HOME MUT. INS. CO. v. C. I. R.

Nos. 79-1602, 79-1603.

639 F.2d 333 (1980)

HOME MUTUAL INSURANCE COMPANY, Petitioner-Appellee, Cross Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant, Cross Appellee.

United States Court of Appeals, Seventh Circuit.

Decided April 29, 1980.

Argued November 13, 1980.

Opinion on Rehearing December 23, 1980.

Attorney(s) appearing for the Case

Gary R. Allen, and David English, Dept. of Justice, Tax Div., Washington, D. C., for Com'r of Internal Revenue.

John F. Emanuel, Milwaukee, Wis., for Home Mut. Ins. Co.

Before CASTLE, Senior Circuit Judge, and PELL and TONE, Circuit Judges.

Argued En Banc November 13, 1980.

Opinion on Rehearing en banc December 23, 1980.

TONE, Circuit Judge.

This case involves two provisions of the Internal Revenue Code concerning the taxation of mutual casualty insurance companies: § 832(b)(5), which allows a "losses incurred" deduction from the companies' underwriting income; and § 821(e), which permits certain companies a "special transitional underwriting loss" deduction from its statutory...

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