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SAN ANTONIO SAV. ASS'N v. C.I.R.

No. 88-4717.

887 F.2d 577 (1989)

SAN ANTONIO SAVINGS ASSOCIATION and Subsidiaries, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Fifth Circuit.

November 2, 1989.

Attorney(s) appearing for the Case

William F. Nelson, Chief Counsel, I.R.S., Bruce R. Ellisen, Gary R. Allen, Chief, Appellate Section, Richard Farber, Richard Thornburgh, Atty. Gen., Dept. of Justice, Tax Div., William S. Rose, Jr., Asst. Atty. Gen., Washington, D.C., for respondent-appellant.

Richard L. Bacon, Peter J. Valeta, Sonnenschein, Carlin, Nath & Rosenthal, Washington, D.C., for petitioner-appellee.

Before BROWN, WILLIAMS and JOLLY, Circuit Judges.

JERRE S. WILLIAMS, Circuit Judge:

The Commissioner of Internal Revenue appeals the tax court's grant of summary judgment to San Antonio Savings Association on its petition for redetermination of a deficiency. The tax court held that San Antonio Savings had realized a recognizable loss by exchanging 90% participation interests in first-mortgage loans in a triangular transaction with two other entities. The court held: (1) The transaction involved the exchange of participation...

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