U.S. STEEL CORP. v. U.S.

No. 87-1611.

848 F.2d 1232 (1988)

UNITED STATES STEEL CORPORATION, and Affiliated Companies, Plaintiff-Appellant, v. The UNITED STATES, Defendant-Appellee.

United States Court of Appeals, Federal Circuit.

June 10, 1988.


Attorney(s) appearing for the Case

Dennis P. Bedell, Miller & Chevalier, Chartered, Washington, D.C., argued for plaintiff-appellant. With him on the brief were David B. Cubeta and J. Bradford Anwyll, of counsel.

Robert S. Pomerance, Dept. of Justice, Washington, D.C., argued for defendant-appellee. With him on the brief were William S. Rose, Jr., Asst. Atty. Gen., Gary R. Allen and Francis M. Allegra.

Before FRIEDMAN and RICH, Circuit Judges, and BENNETT, Senior Circuit Judge.


FRIEDMAN, Circuit Judge.

This is an appeal from a decision of the United States Claims Court that United States Steel Corporation (U.S. Steel) realized taxable income when it repurchased its outstanding bonds for less than their face amount. United States Steel Corp. v. United States, 11 Cl.Ct. 375 (1986), opinion on reconsideration, 11 Cl.Ct. 541 (1987). We reverse and remand.

I

Upon the organization of U.S. Steel's predecessor in 1901, the...

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