EXEMPT CARRIERS, INC. v. UNITED STATES

No. 79-3765.

644 F.2d 1027 (1981)

EXEMPT CARRIERS, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit. Unit B

May 11, 1981.


Attorney(s) appearing for the Case

W. Guy McKenzie, Jr., Spector & Tunnicliff, Samuel Spector, Robert L. Hinkle, Tallahassee, Fla., for plaintiff-appellant.

M. Carr Ferguson, Asst. Atty. Gen., Gilbert E. Andrews, Chief Appellate Sect., Richard Farber, Richard D. Buik, Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellee.

Before TUTTLE, RONEY and VANCE, Circuit Judges.


RONEY, Circuit Judge:

In this accumulated earnings tax refund suit, the taxpayer, Exempt Carriers, Inc., attempted to prove its earnings were retained to finance planned expansion projects and were not accumulated beyond its reasonably anticipated business needs. After presentation of all the evidence to the jury, the district court granted a directed verdict for the Government, holding no reasonable jury could find that taxpayer's plans were sufficiently specific...

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