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LAKE SUPERIOR DIST. POWER CO. v. C.I.R.

No. 81-2702.

701 F.2d 695 (1983)

LAKE SUPERIOR DISTRICT POWER COMPANY, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided March 4, 1983.

Attorney(s) appearing for the Case

Paul V. Harris, Glendale Heights, Ill., Sharon L. King, Isham, Lincoln & Beale, Chicago, Ill., for petitioner-appellant.

Richard Farber, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before ESCHBACH and COFFEY, Circuit Judges, and DUMBAULD, Senior District Judge.

ESCHBACH, Circuit Judge.

Lake Superior District Power Company ("Lake Superior") brought this action in the Tax Court to set aside the Commissioner's determination that Lake Superior underpaid its income taxes in 1975 and 1976. Lake Superior argued that its sale of a stretch of transmission power lines in 1975 had no tax effect that year; therefore no gain on the sale needed to be recognized in 1975. Lake Superior also contended that certain fees collected from customers...

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