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REXNORD, INC. v. U.S.

No. 90-2903.

940 F.2d 1094 (1991)

REXNORD, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 21, 1991.

Attorney(s) appearing for the Case

Timothy C. Frautschi, Lynette M. Zigman, Foley & Lardner, Milwaukee, Wis., for plaintiff-appellant.

John E. Fryatt, U.S. Atty., Office of the U.S. Atty., Milwaukee, Wis., Gary R. Allen, David I. Pincus, Teresa T. Milton, Thomas D. Sykes, Dept. of Justice, Tax Div., Washington, D.C., for defendant-appellee.

Before BAUER, Chief Judge, COFFEY, Circuit Judge, and WILL, Senior District Judge.

WILL, Senior District Judge.

Rexnord, Inc. claimed inventory losses in its 1977 and 1978 federal corporate tax returns based on its transfers of excess and obsolete inventory to a company called S.R. Sales. The IRS determined that these transfers were not bona fide sales and disallowed the write off losses. Rexnord paid additional tax assessments and sought a refund, which the IRS denied. Rexnord then filed suit in district court. The district court agreed with the...

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