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INDIANAPOLIS POWER & LIGHT CO. v. C.I.R.

No. 87-2438.

857 F.2d 1162 (1988)

INDIANAPOLIS POWER & LIGHT COMPANY, Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Seventh Circuit.

Decided September 20, 1988.

Attorney(s) appearing for the Case

William A. Whitledge, Michael L. Paup, Chief, Appellate Section, Tax Div., Dept. of Justice, Washington, D.C., for appellant.

Larry J. Stroble, Barnes & Thornburg, Indianapolis, Ind., for appellee.

Before BAUER, Chief Judge, and FLAUM, and KANNE, Circuit Judges.

FLAUM, Circuit Judge.

The Internal Revenue Service ("IRS") assessed deficiencies against Indianapolis Power & Light Company ("IPL") for the tax years 1974-77, arguing that deposits IPL required certain customers to make in order to receive electrical services were advance payments for tax purposes that should have been included in gross income in the year IPL received them. IPL contested the deficiencies. The Tax Court ruled that the sums were security deposits...

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