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JPMORGAN CHASE & CO. v. C.I.R.

No. 07-3042.

530 F.3d 634 (2008)

JPMORGAN CHASE & CO. (Successor in interest to Bank One Corporation, Successor in interest to First Chicago NBD Corporation, Formerly NBD Bankcorp, Inc., Successor in interest to First Chicago Corporation) and Affiliated Corporations, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided July 1, 2008.

Attorney(s) appearing for the Case

Richard W. Skillman (argued), Caplin & Drysdale, Washington, DC, for Petitioner-Appellant.

Richard Farber, Gilbert S. Rothenberg, Judith A. Hagley (argued), Department of Justice, Tax Division, Appellate Section, Washington, DC, for Respondent-Appellee.

Before FLAUM, MANION, and EVANS, Circuit Judges.

FLAUM, Circuit Judge.

This case concerns the taxation of JPMorgan's income from swap transactions. JPMorgan tried to carve out and defer a part of this income for certain costs and expenses associated with the swaps. The Commissioner of the Internal Revenue Service ("Commissioner"), and ultimately the Tax Court, concluded that these income deferrals were not proper, and that JPMorgan's valuation methodology did not clearly...

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