FIRST FED. SAV. & LOAN ASS'N OF TEMPLE v. U.S.

No. 88-1723.

887 F.2d 593 (1989)

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF TEMPLE, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fifth Circuit.

November 2, 1989.


Attorney(s) appearing for the Case

Helen Eversberg, U.S. Atty., Bruce R. Ellisen, Gary R. Allen, Chief, Appellate Section, Tax Div., Dept. of Justice, William S. Rose, Jr., Richard Farber, Asst. Atty. Gen., Washington, D.C., for defendant-appellant.

Vester T. Hughes, Jr., Cynthia M. Ohlenforst, Hughes & Luce, Dallas, Tex., H. Robert Powell, Hughes & Luce, Austin, Tex., Jay H. Hebert, Lynette M. Zigman, Dallas, Tex., for plaintiff-appellee.

Before BROWN, WILLIAMS and JOLLY, Circuit Judges.


JERRE S. WILLIAMS, Circuit Judge:

The government appeals the U.S. District Court's determination that the First Federal Savings & Loan Association of Temple (Temple) was entitled to a tax refund because Temple realized a recognizable loss pursuant to an exchange of a group of mortgages with another savings and loan, First Federal Savings and Loan of Waco (Waco).

The facts of this case and the issues raised closely parallel those of San Antonio Savings...

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