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ARKANSAS BEST CORP. & SUBSIDIARIES v. C.I.R.

Nos. 85-1702, 85-1818.

800 F.2d 215 (1986)

ARKANSAS BEST CORPORATION AND SUBSIDIARIES, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant. ARKANSAS BEST CORPORATION AND SUBSIDIARIES, Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided September 9, 1986.

Attorney(s) appearing for the Case

Vester T. Hughes, Jr., Dallas, Tex., for appellant.

Ernest J. Brown, Washington, D.C., for appellee.

Before HEANEY and BOWMAN, Circuit Judges, and HANSON, Senior District Judge.

BOWMAN, Circuit Judge.

The issue in this case is whether a corporate taxpayer is entitled to ordinary loss treatment for losses incurred on transactions in the capital stock of another corporation. Both Arkansas Best Corporation (Arkansas Best) and the Commissioner of Internal Revenue (Commissioner) appeal the Tax Court's judgment upholding in part and disallowing in part the Commissioner's treatment of Arkansas Best's losses on such transactions as capital losses...

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