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CENTENNIAL SAV. BANK FSB v. U.S.

No. 88-1297.

887 F.2d 595 (1989)

CENTENNIAL SAVINGS BANK FSB, Plaintiff-Appellant, Cross-Appellee, v. UNITED STATES of America, Defendant-Appellee, Cross-Appellant.

United States Court of Appeals, Fifth Circuit.

November 2, 1989.

Attorney(s) appearing for the Case

Edward S. Koppman and Kathleen J. St. John, Akin, Gump, Strauss, Hauer & Feld, Dallas, Tex., for plaintiff-appellant cross-appellee.

Richard L. Bacon, Sp. Tax Counsel, U.S. League of Sav. Institutions, Washington, D.C. and Thomas A. Pfeiler, Gen. Counsel, Chicago, Ill., for amicus curiae, U.S. League of Sav. Institutions.

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

Before BROWN, WILLIAMS and JOLLY, Circuit Judges.

JERRE S. WILLIAMS, Circuit Judge:

Centennial Savings Bank appeals the district court's decision that the bank's exchange of 90% interests in depreciated mortgages with the Federal National Mortgage Association for a separate set of 90% interests in depreciated mortgages did not result in a loss for tax purposes. Centennial also challenges the district court's holding that the statute of limitations did not bar the IRS from assessing taxes owed. On a wholly separate...

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