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U.S. v. NORTHERN TRUST CO.

Nos. 04-1148, 04-1150.

372 F.3d 886 (2004)

UNITED STATES of America, Plaintiff-Appellant, v. NORTHERN TRUST COMPANY, as trustee of the Caterpillar Incorporated Master Trust and the Inland Steel Industries Pension Trust, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided June 22, 2004.

Attorney(s) appearing for the Case

Charles Bricken (argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, Thomas P. Walsh, Office of the United States Attorney, Chicago, IL, for Plaintiff-Appellant.

Jeffrey E. Stone (argued), McDermott, Will & Emery, Chicago, IL, for Defendant-Appellee.

Before EASTERBROOK, KANNE, and DIANE P. WOOD, Circuit Judges.

EASTERBROOK, Circuit Judge.

Closed-end mutual funds pay federal income tax on income and capital gains, then notify their investors, to which the tax burden passes through. A shareholder that is tax exempt (such as a pension trust or a university endowment) can claim a refund of the taxes that the mutual fund paid on account of its proportionate investment. Taxable investors get income coupled with a credit for tax the mutual fund has paid. Two pension trusts (for...

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