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VOLVO CARS OF NORTH AMERICA, LLC v. U.S.

No. 08-1080.

571 F.3d 373 (2009)

VOLVO CARS OF NORTH AMERICA, LLC; Volvo Group North America, Incorporated, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fourth Circuit.

Decided: July 9, 2009.

Attorney(s) appearing for the Case

ARGUED: Charles Alan Rothfeld, Mayer Brown, LLP, Washington, D.C., for Appellants. Bridget Maria Rowan, United States Department of Justice, Washington, D.C., for Appellee. ON BRIEF: Charles P. Hurley, Nicole Reuling, Golaleh Kazemi, Mayer Brown, LLP, Washington, D.C., for Appellants. Nathan J. Hochman, Assistant Attorney General, Jonathan S. Cohen, United States Department of Justice, Washington, D.C.; Anna Mills Wagoner, United States Attorney, Greensboro, North Carolina, for Appellee.

Vacated and remanded with instructions by published opinion. Judge NIEMEYER wrote the opinion, in which Judge MICHAEL and Senior Judge SILER joined.

OPINION

NIEMEYER, Circuit Judge:

In this federal income tax refund case, Volvo Cars of North America, Inc., and its subsidiaries and predecessors (collectively "Volvo"), wrote off excess and slow-moving inventory that it purportedly sold to a warehouser under an April 6, 1983 contract, thus reducing its taxable income for the 1983 tax year. When the IRS asserted that the sales were not bona fide sales, because Volvo retained control over the inventory even...

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