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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