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A. C. MONK & CO., INC. v. UNITED STATES

Nos. 81-1986, 81-2037.

686 F.2d 1058 (1982)

A. C. MONK & COMPANY, INC., Appellee, v. The UNITED STATES of America, Appellant. A. C. MONK & COMPANY, INC., Appellant, v. The UNITED STATES of America, Appellee.

United States Court of Appeals, Fourth Circuit.

Decided August 27, 1982.

Attorney(s) appearing for the Case

James R. Trotter, Rocky Mount, N. C., for A. C. Monk & Co., Inc.

William A. Whitledge, Tax Div., Dept. of Justice, Washington, D. C. (Samuel T. Currin, U. S. Atty., Raleigh, N. C., Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup, Robert T. Duffy, Tax Div., Dept. of Justice, Washington, D. C., on brief), for the United States.

Before WINTER, Chief Judge, PHILLIPS, Circuit Judge, and CLYDE H. HAMILTON, United States District Judge for the District of South Carolina, sitting by designation.

JAMES DICKSON PHILLIPS, Circuit Judge:

The Internal Revenue Code allows an investment tax credit for tangible property used as an integral part of manufacturing or used for the bulk storage of fungible commodities, but specifically excludes "a building and its structural components" from the tax credit. I.R.C. § 48(a)(1)(B). The issues in this case require us to determine whether various parts of a tobacco processing plant of the taxpayer A.C. Monk & Company...

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