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ITHACA INDUSTRIES, INC. v. C.I.R.

No. 92-1045.

17 F.3d 684 (1994)

ITHACA INDUSTRIES, INC., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided February 23, 1994.

Attorney(s) appearing for the Case

ARGUED: Charles T. Zink, LONG, ALDRIDGE & NORMAN, Atlanta, Georgia, for Appellant. Jonathan Samuel Cohen, Tax Division, UNITED STATES DEPARTMENT OF JUSTICE, Washington, D.C., for Appellee. ON BRIEF: Patrick G. Jones, David M. Ivey, Phillip A. Bradley, Kendall L. Houghton, LONG, ALDRIDGE & NORMAN, Atlanta, Georgia, for Appellant. Michael L. Paup, Acting Assistant Attorney General, Gary R. Allen, Ernest J. Brown, Tax Division, UNITED STATES DEPARTMENT OF JUSTICE, Washington, D.C., for Appellee.

Before PHILLIPS and WILKINSON, Circuit Judges, and MICHAEL, United States District Judge for the Western District of Virginia, sitting by designation.

OPINION

MICHAEL, District Judge:

Ithaca Industries, Inc. (Ithaca) appeals from the decision of the Tax Court denying depreciation deductions for Ithaca's assembled workforce and assessing Ithaca for tax deficiencies as a result. Because we believe that the useful life of an assembled workforce such as Ithaca's has no reasonably ascertainable limits, we affirm.

I.

At all relevant times for the purposes of this case, Ithaca was a Delaware...

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