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ROANOKE GAS CO. v. U.S.

No. 91-2220.

977 F.2d 131 (1992)

ROANOKE GAS COMPANY, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided October 1, 1992.

Attorney(s) appearing for the Case

Wilbur L. Hazlegrove, Woods, Rogers & Hazlegrove, Roanoke, Va., argued (Neil V. Birkhoff, on brief), for plaintiff-appellant.

Jonathan Samuel Cohen, Tax Div., U.S. Dept. of Justice, Washington, D.C., argued (James A. Bruton, Acting Asst. Atty. Gen., Gary R. Allen, Mary Frances Clark, Tax Div., United States Department of Justice, Washington, D.C., E. Montgomery Tucker, U.S. Atty., Ray B. Fitzgerald, Office of U.S. Atty., Roanoke, Va., on brief), for defendant-appellee.

Before HALL and NIEMEYER, Circuit Judges, and TILLEY, United States District Judge for the Middle District of North Carolina, sitting by designation.

OPINION

NIEMEYER, Circuit Judge:

In this appeal we determine whether a utility's quantifiable obligation to make a future rate adjustment is a deductible business expense for federal income tax purposes.

Under public utility rates established by the Virginia State Corporation Commission, Roanoke Gas Company is entitled to recover from its customers, as part of the rate charged, its cost for purchased natural gas. Because of the lag time between the...

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