CAMPBELL TAGGART, INC. v. UNITED STATES

No. 83-1528.

744 F.2d 442 (1984)

CAMPBELL TAGGART, INC., Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

October 19, 1984.


Attorney(s) appearing for the Case

Jay W. Miller, Glenn L. Archer, Asst. Atty. Gen., Michael L. Paup, Jonathan S. Cohen, Tax Div., Dept. of Justice, Washington, D.C., for defendant-appellant.

Peter J. Turner, Neil J. O'Brien, Donald H. Mackaman, Dallas, Tex., for plaintiff-appellee.

Before GEE, POLITZ and RANDALL, Circuit Judges.


RANDALL, Circuit Judge:

The United States appeals from a judgment granting a corporate taxpayer a refund for federal income taxes paid in 1975. The issue presented is whether the taxpayer is entitled, under the Corn Products doctrine, to an ordinary deduction for losses sustained on the sale of stock in a foreign corporation. For the reasons set forth below, we agree that the taxpayer sustained an ordinary rather than a capital loss. We affirm.

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