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MARKHAM & BROWN, INC. v. UNITED STATES

Nos. 80-2106 and 81-1023 Summary Calendar.

648 F.2d 1043 (1981)

MARKHAM & BROWN, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit. Unit A.

June 25, 1981.

Attorney(s) appearing for the Case

Gardere & Wynne, H. Martin Gibson, Joe B. Harrison, Gordon H. Rowe, Jr., Dallas, Tex., for plaintiff-appellant.

Martha Joe Stroud, Asst. U. S. Atty., Dallas, Tex., John F. Murray, Acting Asst. Atty. Gen., Michael L. Paup, Chief, Appellate Sect., Richard Farber, Richard N. Bush, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellee.

Before AINSWORTH, GARZA and SAM D. JOHNSON, Circuit Judges.

PER CURIAM:

The appellant, Markham & Brown, Inc. was of the opinion that its repurchase of stock was deductible as an ordinary and necessary business expense under 26 U.S.C. § 162 and that its unilateral allocation of amounts for covenants not to compete could be amortized. The Internal Revenue Service thought otherwise and denied Markham & Brown's claims for refunds. The district court affirmed. Contending...

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