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EASTERN SERVICE CORP. v. C. I. R.

No. 768, Docket 80-4188.

650 F.2d 379 (1981)

EASTERN SERVICE CORPORATION, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Second Circuit.

Decided May 28, 1981.

Attorney(s) appearing for the Case

Donald B. Susswein, Washington, D. C. (M. Carr Ferguson, Asst. Atty. Gen., Michael L. Paup, Richard Farber, Tax Division, Dept. of Justice, Washington, D. C., of counsel), for appellant.

Robert A. Jacobs, Milgrim, Thomajan, Jacobs & Lee, P. C., New York City, for appellee.

Before FEINBERG, Chief Judge, OAKES, Circuit Judge, and NEAHER, District Judge.

OAKES, Circuit Judge:

This appeal by the Commissioner from an adverse ruling of the Tax Court presents the somewhat abstruse question whether a "seller-servicer" of mortgages required to buy Federal National Mortgage Association (FNMA) stock as a seller, and to retain it as a servicer, is entitled to deduct as a business expense a portion of the price it paid for the FNMA stock by virtue of section 162(d) of the Internal Revenue Code. The Tax Court, Richard C. Wilbur...

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