PUTNAM-GREENE FINANCIAL CORP. v. U.S.

No. 5:02-CV-185-2 (DF).

308 F.Supp.2d 1374 (2004)

PUTNAM-GREENE FINANCIAL CORP. and First Bank of Coastal Georgia, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court, M.D. Georgia, Macon Division.

February 6, 2004.


Attorney(s) appearing for the Case

J. Littleton Glover, Jr., Mr., Peter A. Durham, Newnan, GA, for Plaintiffs.

Robert D. McCullers, Mr., Macon, GA, Michael N. Wilcove, Mr., Department of Justice, Washington, DC, for Defendant.


ORDER

FITZPATRICK, District Judge.

During the years 1993, 1994 and 1995, Plaintiffs were involved in a series of legal actions with the minority shareholders of First Bank of Coastal Georgia ("the Bank"). Thereafter, Plaintiffs attempted to deduct the expenses of this litigation from their tax returns during the corresponding years as an ordinary and necessary business expense, pursuant to the deduction allowed under 26 U.S.C.A. § 162(a) (West...

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