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BANKERS & FARMERS LIFE INS. CO. v. UNITED STATES

No. 79-2254.

643 F.2d 234 (1981)

BANKERS & FARMERS LIFE INSURANCE COMPANY, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit. Unit A

Rehearing Denied May 14, 1981.

Attorney(s) appearing for the Case

M. Carr Ferguson, Asst. Atty. Gen., Tax. Div., Gilbert E. Andrews, Chief, Appellate Sec., Gary R. Allen, Atty., Anthony Ilardi, Jr., Dept. of Justice, Washington, D. C., for defendant-appellant.

Naman, Howell, Smith & Chase, Hilton H. Howell and Wesley Filer, Waco, Tex., for plaintiff-appellee.

Before BROWN, THORNBERRY and WILLIAMS, Circuit Judges.

JERRE S. WILLIAMS, Circuit Judge:

Bankers & Farmers Life Insurance Company (Bankers & Farmers) sued for a tax refund in federal district court, insisting that it should be allowed to revoke its 1970 election to recognize a taxable gain. This ill-fated election was made on the incorrect assumption that the gain would be offset by loss carryover. Based on a jury finding that the election was made in reliance on a good faith mistake of fact, the district court...

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