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COLTEC INDUSTRIES, INC. v. U.S.

No. 05-5111.

454 F.3d 1340 (2006)

COLTEC INDUSTRIES, INC., Plaintiff-Appellee, v. UNITED STATES, Defendant-Appellant.

United States Court of Appeals, Federal Circuit.

July 12, 2006.

Attorney(s) appearing for the Case

Stephen D. Gardner, Kronish Lieb Weiner & Hellman LLP, of New York, New York, argued for plaintiff-appellee. With him on the brief were William H. O'Brien, Ann-Elizabeth Purintun, Stephen A. Wieder, and Clint E. Massengill.

Judith A. Hagley, Attorney, Tax Division, Appellate Section, United States Department of Justice, of Washington, DC, argued for defendant-appellant. With her on the brief were Eileen J. O'Connor, Assistant Attorney General; Richard T. Morrison, Deputy Assistant Attorney General; Gilbert S. Rothenberg and Richard Farber, Attorneys.

Before BRYSON, GAJARSA, and DYK, Circuit Judges.

DYK, Circuit Judge.

In 1996, Coltec Industries, Inc. ("Coltec") reported a capital loss of approximately $378.7 million on its consolidated tax return. This loss was generated by Coltec's selling of high-basis stock for a relatively low price. The Internal Revenue Service ("IRS") disallowed the loss and assessed additional taxes. Coltec paid the assessment and then filed a refund action for $82,803,049 in the United States Court of Federal Claims. That court awarded...

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