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CITY OF WOODWAY, McLENNAN COUNTY, TEX. v. U. S.

No. 81-1076.

681 F.2d 975 (1982)

CITY OF WOODWAY, McLENNAN COUNTY, TEXAS, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

August 4, 1982.

Attorney(s) appearing for the Case

Beard & Kultgen, David B. Kultgen, Waco, Tex., for plaintiff-appellant.

Hugh P. Shovlin, Asst. U. S. Atty., San Antonio, Tex., Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Chief, Appellate Sect., Ann Belanger Durney, Steven I. Frahm, Tax Division, U. S. Dept. of Justice, Washington, D. C., for defendant-appellee.

Before BROWN, GOLDBERG and POLITZ, Circuit Judges.

GOLDBERG, Circuit Judge:

In this tax refund suit, we are asked whether a corporation may escape tax liability for depreciation recapture by virtue of an Internal Revenue Code provision1 which creates an exemption for income which is derived from a public utility and which accrues to a municipality.

Appellant, the City of Woodway, became the sole shareholder of a private water-supply company. Appellant's argument that the company...

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