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CAAMANO v. C.I.R.

No. 88-4794.

879 F.2d 156 (1989)

Edward J. and Janice W. CAAMANO, Petitioners-Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

August 7, 1989.

Attorney(s) appearing for the Case

Ernest J. Brown, Asst. Atty. Gen., Richard Thornburgh, Atty. Gen., U.S. Dept. of Justice, Tax Div., William S. Rose, Jr., Gary R. Allen, Chief, Asst. Attys. Gen., Dept. of Justice, Washington, D.C., for respondent-appellant.

John P. Carroll, Jr., Leslie J. Hoffman, James D. Liss, Richard M. Fabbro, Davis, Polk & Wardwell, New York City, for petitioners-appellees.

Before GEE, GARZA and JONES, Circuit Judges.

GEE, Circuit Judge:

Facts

Taxpayers Edward and Janice Caamano, the appellees, were shareholders of McDermott, Inc. McDermott was a Delaware corporation and the parent of McDermott International, its Panamanian, wholly-owned subsidiary. The Board of Directors decided to change the corporate structure to make McDermott, Inc. the subsidiary of McDermott International. The Tax Court stated the motivation for the change was to reduce corporate taxes.

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