No. 95-1025.

113 F.3d 1225 (1997)

LOCKHEED CORPORATION, Appellant, v. Sheila E. WIDNALL, Secretary of the Air Force, Appellee.

United States Court of Appeals, Federal Circuit.

May 15, 1997.

Attorney(s) appearing for the Case

Neil O'Donnell, Rogers, Joseph, O'Donnell & Quinn, San Francisco, CA, argued, for appellant. With him on the brief was Patricia A. Meagher. Of counsel on the brief was Robert C. Gusman, Lockheed Corporation, of Calabasas, California.

Harold D. Lester, Jr., Commercial Litigation Branch, Civil Division, Department of Justice, Washington, D.C., argued, for appellee. On the brief were Thomas P. McLish, Attorney, Frank W. Hunger, Assistant Attorney General and David M. Cohen, Director.

Clarence T. Kipps, Jr., Miller & Chevalier, Washington, D.C., for amici curiae. With him on the brief were Kevin C. Dwyer and Alan C. Brown.

Before ARCHER, Chief Judge, PLAGER, and RADER, Circuit Judges.

ARCHER, Chief Judge.

Lockheed Corporation (Lockheed) appeals the decision of the Armed Services Board of Contract Appeals (ASBCA or Board), ASBCA No. 36,910, 94-3 BCA & 27,101, disallowing certain interest payments under Defense Acquisition Regulation (DAR) § 15-205.17 (1969). The Board held that the interest paid on an underpayment of state taxes was not allowable as reimbursable corporate overhead because it represented "interest on borrowings" within the...

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