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EUSTACE v. C.I.R.

No. 01-4222.

312 F.3d 905 (2002)

Nicholas E. EUSTACE, et al., Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

Judicial Council of the Seventh Circuit.

Decided December 13, 2002.

Attorney(s) appearing for the Case

Rebecca M. Fowler (Argued), Doerner, Saunders, Daniel & Anderson, Tulsa, OK, for Petitioners-Appellants.

Richard Morrison (Argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, for Respondent-Appellee.

Before BAUER, EASTERBROOK, and MANION, Circuit Judges.

EASTERBROOK, Circuit Judge.

Applied Systems, a Subchapter S corporation, develops and sells software that independent insurance agencies use to manage their businesses. During the early 1990s Applied Systems improved its software package, and its investors (the taxpayers in this case) want to take a tax credit under 26 U.S.C. § 41 based on the amount by which Applied Systems increased its R & D expenses during these years. Taxpayers who have sought a credit...

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