CONTINENTAL ILLINOIS CORP. v. C.I.R.

Nos. 92-2435, 92-3191.

998 F.2d 513 (1993)

CONTINENTAL ILLINOIS CORPORATION, also known as Continental Bank Corporation, Petitioner-Appellant, Cross-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee, Cross-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided July 9, 1993.


Attorney(s) appearing for the Case

Roger J. Jones (argued), Joel V. Williamson, Arthur I. Gould, Thomas C. Durham, Francis A. Lavelle, Honey L. Goldberg, Mayer, Brown & Platt, Chicago, IL, Mary P. Taylor, Evanston, IL, for petitioner-appellant in No. 92-2435.

Gary R. Allen, David E. Carmack, Charles Bricken (argued), Dept. of Justice, Tax Div., Appellate Section, Washington, DC, for respondent-appellee in No. 92-2435.

Michael M. Conway, Paul S. Caselton, John L. Snyder, Marilyn D. Franson, Hopkins & Sutter, Chicago, IL, for First Chicago Corp., amicus curiae.

Michael J. Waldman, Saul M. Shajnfeld, Bankers Trust Co., New York City, for Bankers Trust Co., amicus curiae.

Roger J. Jones (argued), Joel V. Williamson, Arthur I. Gould, Thomas C. Durham, Francis A. Lavelle, Mayer, Brown & Platt, Chicago, IL, Edward C. Rustigan, Winnetka, IL, Mary P. Taylor, Evanston, IL, for petitioner-appellee in No. 92-3191.

Abraham N.M. Shashy, Jr., I.R.S., Gary R. Allen, David E. Carmack, Charles Bricken (argued), James A. Bruton, Dept. of Justice, Tax Div., Appellate Section, Washington, DC, for respondent-appellant in No. 92-3191.

Before POSNER and COFFEY, Circuit Judges, and WILLIAMS, Senior District Judge.


POSNER, Circuit Judge.

The Internal Revenue Service assessed substantial deficiencies against the Continental Illinois National Bank for the years 1975 through 1979. Continental challenged these deficiencies in the Tax Court, which conducted several trials that have produced the rulings, some in favor of Continental, some in favor of the IRS, that the parties have brought before us on this appeal and cross-appeal. 55 T.C.M. (CCH) 1325

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