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TEXSTAR CORP. v. UNITED STATES

No. 81-1277.

688 F.2d 362 (1982)

The TEXSTAR CORPORATION, Transferee of the assets of Unitex Industries, Inc. and its subsidiaries, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied November 4, 1982.

Attorney(s) appearing for the Case

John F. Murray, Acting Asst. Atty. Gen., Michael L. Paup, William S. Estabrook, Stephen Gray, Attys., Tax Div., Dept. of Justice, Washington, D. C., for defendant-appellant.

Richard D. Walker, Fort Worth, Tex., J. Burleson Smith, J. Michael Wilkes, San Antonio, Tex., for plaintiff-appellee.

Before THORNBERRY, GEE and GARWOOD, Circuit Judges.

THORNBERRY, Circuit Judge:

The sole issue in this appeal is whether Texstar Corporation is entitled to a debt discount deduction under 163(a) of the Internal Revenue Code of 1954, 26 U.S.C. § 163(a),1 based on its exchange of debenture bonds for all its outstanding preferred stock.

The exchange of debentures for preferred stock scrutinized in this case was carried out by Unitex Industries prior to Texstar's purchase of Unitex...

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