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FRUIT OF THE LOOM, INC. v. C.I.R.

No. 95-1216.

72 F.3d 1338 (1996)

FRUIT OF THE LOOM, INCORPORATED, transferee of the assets of, and primarily liable as successor by merger to, Northwest Industries, Incorporated, transferee of the assets of, and primarily liable as successor by merger to, Philadelphia & Reading Corporation, Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided January 5, 1996.

Attorney(s) appearing for the Case

Frederic L. Hahn, Roger J. Jones, Thomas C. Durham (argued), Thomas L. KittleKamp, Mayer, Brown & Platt, Chicago, IL, for Fruit of the Loom, Incorporated.

Stuart L. Brown, Thomas J. Kane, I.R.S., Washington, DC, Gary R. Allen, David I. Pincus, Thomas J. Clark (argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, Deborah Butler, I.R.S., Office of Regional Counsel, Dallas, TX, for C.I.R.

Before BAUER, MANION, and KANNE, Circuit Judges.

MANION, Circuit Judge.

In 1966 a predecessor to Fruit of the Loom sold assets to a purchaser that ultimately failed to pay $19 million. The loss justified a tax deduction. The problem here is that the IRS claims the company, due partly to procedural mishaps, was able to realize the full deduction twice, resulting in a "double counting." We consider whether the Internal Revenue Service can invoke the mitigation provisions of the Internal Revenue Code to collect additional...

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