BANKERS LIFE AND CAS. CO. v. U.S.

No. 96-2260.

142 F.3d 973 (1998)

BANKERS LIFE AND CASUALTY COMPANY, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided April 17, 1998.


Attorney(s) appearing for the Case

Robert F. Forrer, Gary H. Kline (argued), Thomas E. Chomicz, Wilson & McIlvaine, Chicago, IL, for Plaintiff-Appellant.

Gary R. Allen, David I. Pincus, Robert W. Metzler (argued), Dept. of Justice, Tax Division, Appellate Section, Washington, DC, Thomas P. Walsh, Office of the U.S. Attorney, Civil Division, Chicago, IL, for Defendant-Appellee.

Before CUMMINGS, KANNE, and EVANS, Circuit Judges.


TERENCE T. EVANS, Circuit Judge.

Upon first glance, this lawsuit seems overly ambitious. Bankers Life and Casualty Company invites us to invalidate a seemingly straightforward and long-standing Treasury regulation. The insurance company's bold argument makes sense in light of one crucial fact: Bankers Life seeks a tax refund of $71 million plus interest from 1983. In effect, Bankers Life is betting on a long shot. It must know its chances of winning are slim...

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