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MATTER OF PLACID OIL CO.

No. 92-1005.

988 F.2d 554 (1993)

In the Matter of PLACID OIL CO., Debtor. PLACID OIL COMPANY, Appellant, v. INTERNAL REVENUE SERVICE, Appellee.

United States Court of Appeals, Fifth Circuit.

April 15, 1993.

Attorney(s) appearing for the Case

Michael J. Henke and Thomas Crichton, IV, Vinson & Elkins, Washington, DC for appellant.

Bridget M. Rowan, Gary D. Gray, Attys., and Gary R. Allen, Chief, Appellate Section, Tax Div., Dept. of Justice, Washington, DC, for appellee.

Before REYNALDO G. GARZA and GARWOOD, Circuit Judges, and ROSENTHAL, District Judge.

ROSENTHAL, District Judge:

Placid Oil Company ("Placid") appeals from decisions of the United States Bankruptcy Court for the Northern District of Texas and United States District Court for the Northern District of Texas, raising two issues:

(1) whether the courts below erred in holding that Placid could not deduct the legal and accounting fees it incurred for ordinary and necessary business operations during the bankruptcy because Placid failed to prove the...

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