WIENER, Circuit Judge:
This federal income tax case presents two questions: (1) whether Treasury Regulation § 1.56(g)-1(d)(3)(iii)(E) is valid to the extent it provides that dividends paid to an Employee Stock Ownership Plan and deductible for regular income tax purposes, cannot be deducted in calculating earnings and profits (E & P) and thus in computing "adjusted current earnings" (ACE) for purposes of the corporate alternative minimum tax (AMT); and (2...
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