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BB&T CORP. v. U.S.

No. 07-1177.

523 F.3d 461 (2008)

BB&T CORPORATION, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee. Equipment Leasing and Finance Association, Amicus Supporting Appellant.

United States Court of Appeals, Fourth Circuit.

Decided: April 29, 2008.

Attorney(s) appearing for the Case

ARGUED: William Kearns Davis, Bell, Davis & Pitt, P.A., Winston-Salem, North Carolina, for Appellant. Judith Ann Hagley, United States Department of Justice, Tax Division, Washington, D.C., for Appellee. ON BRIEF: Alan M. Ruley, Bell, Davis & Pitt, P.A., Winston-Salem, North Carolina; Robinson B. Lacy, Andrew S. Mason, Ann McLean Jordan, Sullivan & Cromwell, L.L.P., New York, New York, for Appellant. Anna Mills Wagoner, United States Attorney, Greensboro, North Carolina; Richard T. Morrison, Acting Assistant Attorney General, Gilbert S. Rothenberg, Acting Deputy Assistant Attorney General, Richard Farber, United States Department of Justice, Tax Division, Washington, D.C., for Appellee. Steven E. Grob, Edward A. Groobert, Anthony Ilardi, Jill M. Wheaton, Dykema Gossett, P.L.L.C., Bloomfield Hills, Michigan, for Amicus Supporting Appellant.

Affirmed by published opinion. Chief Judge WILLIAMS wrote the opinion, in which Judge WILKINSON and Judge DUFFY joined.

OPINION

WILLIAMS, Chief Judge:

This appeal requires us to determine the tax consequences of a complex financial transaction. BB & T Corp. entered into a "lease-in/lease-out" transaction, often called a "LILO," hoping to reduce its tax liability, but the Internal Revenue Service ("IRS") disallowed the deductions it claimed. After BB & T sued for a refund, the district court granted summary judgment in favor of the Government.

BB & T now...

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