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FIRST NORTHWEST INDUSTRIES OF AMERICA v. C. I. R.

No. 79-7442.

649 F.2d 707 (1981)

FIRST NORTHWEST INDUSTRIES OF AMERICA, INC., Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Ninth Circuit.

Decided June 29, 1981.

Rehearing and Rehearing Denied September 14, 1981.

Attorney(s) appearing for the Case

Richard Farber, Washington, D. C., for appellant.

Rodney J. Waldbaum, LeSourd, Patten, Fleming, Hartung & Emory, Seattle, Wash., for appellee.

Before WRIGHT and ANDERSON, Circuit Judges, and TAYLOR, Senior District Judge.

Rehearing and Rehearing En Banc Denied September 14, 1981.

WRIGHT, Circuit Judge:

This case presents a novel issue concerning the tax treatment of a professional sports team. The commissioner appeals the Tax Court's decision, First Northwest Industries v. Commissioner, 70 T.C. 817 (1978), and we reverse and remand.

I. BACKGROUND

Taxpayer purchased a National Basketball Association team, the Seattle...

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