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FIGGIE INTERN., INC. v. C.I.R.

No. 85-1864.

807 F.2d 59 (1986)

FIGGIE INTERNATIONAL, INC., (Successor by merger to Mid Continent Manufacturing Co., Inc. and Subsidiaries), Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided December 1, 1986.

Rehearing Denied February 23, 1987.

Attorney(s) appearing for the Case

Andre M. Saltoun, Baker and McKenzie, Chicago, Ill., Neal J. Block (argued), James M. O'Brien, for petitioner-appellant.

Fred T. Goldberg, Jr., Chief Counsel, I.R.S., Michael L. Paup (lead counsel), Glenn L. Archer, Jr., Tax Div., Dept. of Justice, Marlene Gross, Acting Director-Tax Litigation, Office of Chief Counsel-I. R.S., Washington, D.C., Roger M. Olsen, Richard Farber, Bruce Ellisen (argued), for respondent-appellee.

Before MARTIN, GUY and NORRIS, Circuit Judges.

RALPH B. GUY, Jr., Circuit Judge.

Petitioner appeals an adverse judgment of the United States Tax Court for a deficiency assessed in tax year 1968. Two issues are presented: whether the stock of Huber-Warco, a former subsidiary of petitioner, became worthless during the taxable year ending June 30, 1968, or at any time; and whether, in the event that the Huber-Warco stock did not become worthless, petitioner is entitled to deduct the fair market value of the Huber...

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