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CARACCI v. C.I.R.

No. 02-60912.

456 F.3d 444 (2006)

Michael T. CARACCI, et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Sta-Home Health Agency of Carthage, Inc.; Sta-Home Health Agency of Greenwood, Inc.; Michael Caracci; Victor Caracci; Christina C. Mcquillen; Joyce P. Caracci; Vincent Caracci; Sta-Home Health Agency of Jackson, Inc., Petitioners-Appellants, v. Commissioner of Internal Revenue, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

July 11, 2006.

Attorney(s) appearing for the Case

David D. Aughtry (argued), Charles Edward Hodges, Chamberlain, Hrdlicka, White, Williams & Martin, Atlanta, GA, for Petitioner-Appellant.

Michael J. Haungs, Kenneth L. Greene, Tax Div., Eileen J. O'Connor, Asst. Atty. Gen., U.S. Dept. of Justice, Washington, DC, for Respondent-Appellee.

Before JOLLY and WIENER, Circuit Judges, and ROSENTHAL, District Judge.

PER CURIAM:

The Commissioner of Internal Revenue issued deficiency notices requiring the taxpayers, three privately held home-healthcare agencies and the family that owns and operates them, to pay over $250 million in excise taxes under 26 U.S.C. § 4958. The Commissioner based the deficiency notices on an internal valuation of assets and liabilities transferred when the agencies converted from exempt to nonexempt status, finding that the taxpayers received a...

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