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MATTER OF WEST TEXAS MARKETING CORP.

No. 94-10089.

54 F.3d 1194 (1995)

In the Matter of WEST TEXAS MARKETING CORPORATION, Debtor. Walter C. KELLOGG, Trustee, West Texas Marketing Corporation, Appellant, v. UNITED STATES of America, (Internal Revenue Service), Appellee.

United States Court of Appeals, Fifth Circuit.

May 31, 1995.

Attorney(s) appearing for the Case

Stacy R. Obenhaus, Brett B. Flagg, Garere & Wynne, Dallas, TX, for appellant.

James I. Shepard, Fresno, CA, for amicus curiae.

Joan I. Oppenheimer, Atty., Gary R. Allen, Chief, Appellate Sec., Linda E. Mosakowski, Gary D. Gray, Attys., Tax Div., U.S. Dept. of Justice, Washington, DC, for appellee.

Before SMITH, and BARKSDALE, Circuit Judges, and FITZWATER, District Judge.

RHESA HAWKINS BARKSDALE, Circuit Judge:

At issue in this Chapter 7 liquidation is whether the district court erred in holding that the estate of West Texas Marketing Corporation (WTMC), the debtor, (1) could not, for federal income tax purposes, accrue and deduct post-petition interest on undisputed and resolved general unsecured claims; and (2) was liable for a tax penalty, even though the Internal Revenue Service assessed it outside the period allowed by §...

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