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BROWN-FORMAN CORP. v. C.I.R.

No. 91-1108.

955 F.2d 1037 (1992)

BROWN-FORMAN CORPORATION (a Delaware corporation), successor by merger to Brown-Forman Corporation (a Tennessee corporation), Successor in Interest to Southern Comfort Corporation (a Delaware corporation), Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided February 3, 1992.

Rehearing Denied March 17, 1992.

Attorney(s) appearing for the Case

Walter D. Haynes, argued, briefed, John B. Magee, Miller & Chevalier, Washington, D.C., for petitioner-appellant.

Abraham N.M. Shashy, Jr., Chief Counsel, I.R.S., Office of Chief Counsel, Gary R. Allen, Acting Chief, briefed, Richard Farber, David English Carmack, David A. Hubbert, argued, U.S. Dept. of Justice, Appellate Section Tax Div., Washington, D.C., for respondent-appellee.

Before NELSON and SUHRHEINRICH, Circuit Judges, and ENGEL, Senior Circuit Judge.

SUHRHEINRICH, Circuit Judge.

The Brown-Forman Corporation appeals a decision of the United States Tax Court holding that, for the purposes of computing the overall profit percentage limitation, Treas.Reg. § 1.994-2(b)(3), the taxpayer's gross receipts are not reduced by federal excise taxes paid during the tax year. We affirm.

I

The Brown-Forman Corporation now holds all the assets of the Southern Comfort Corporation ("Southern Comfort"). Southern...

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