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IN RE GRAN

No. 91-3150EA.

964 F.2d 822 (1992)

In re William E. GRAN; In re Shirley M. GRAN, Debtors. William GRAN; Shirley M. Gran, Appellants, v. INTERNAL REVENUE SERVICE, United States of America, Appellee, A.L. Tenney, Trustee.

United States Court of Appeals, Eighth Circuit.

Decided May 21, 1992.

Attorney(s) appearing for the Case

Joe Alfred Izen, Jr., Bellaire, Tex., argued, for appellants.

Sally J. Schornstheimer, Washington, D.C. argued (Gary R. Allen and Gary D. Gray, on the brief), for appellee.

Before ARNOLD, Chief Judge, FRIEDMAN, Senior Circuit Judge, and LOKEN, Circuit Judge.

FRIEDMAN, Senior Circuit Judge.

The principal issue in this appeal is whether the United States District Court for the Eastern District of Arkansas (Eisele, C.J.) correctly upheld, as not clearly erroneous, the Bankruptcy Court's finding that an alleged "investment" by the appellants in cattle to be used in a cattle breeding operation involving embryo transplants, was without economic significance and therefore a sham. The effect of that finding was to uphold the...

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