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COTTAGE SAV. ASS'N v. C.I.R.

No. 89-1036.

890 F.2d 848 (1989)

COTTAGE SAVINGS ASSOCIATION, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided December 4, 1989.

Rehearing and Rehearing Denied March 14, 1990.

Attorney(s) appearing for the Case

Dennis L. Manes (argued), Scott M. Slovin, Schwartz, Manes & Ruby, Cincinnati, Ohio, for petitioner-appellee.

Peter K. Scott, I.R.S., Gary R. Allen, Acting Chief, William S. Rose, Richard Farber, Bruce R. Ellisen (argued), U.S. Dept. of Justice, Appellate Section Tax Div., Washington, D.C., for respondent-appellant.

Before WELLFORD and NORRIS, Circuit Judges, and LIVELY, Senior Circuit Judge.

Rehearing and Rehearing En Banc Denied March 14, 1990.

LIVELY, Senior Circuit Judge.

This appeal requires us to decide whether a savings association is entitled to a loss deduction under the Internal Revenue Code1 as a result of "reciprocal sales" of depreciated mortgage loans to other thrift institutions. The Commissioner of Internal Revenue disallowed the deductions and asserted deficiencies in corporate income tax for the years...

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