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TERUYA BROS., LTD. v. C.I.R.

No. 05-73779.

580 F.3d 1038 (2009)

TERUYA BROTHERS, LTD, and Subsidiaries, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed September 8, 2009.

Attorney(s) appearing for the Case

Renee M.L. Yuen, Honolulu, Hawaii, for the petitioner-appellant.

Nathan J. Hochman, Assistant Attorney General, Jonathan S. Cohen, Bridget M. Rowan, Attorneys, Tax Division, Department of Justice, Washington, D.C., for the respondent-appellee.

Before: STEPHEN REINHARDT, MELVIN BRUNETTI, and SIDNEY R. THOMAS, Circuit Judges.

THOMAS, Circuit Judge:

This case requires us to determine whether two like-kind exchanges involving related parties qualify for nonrecognition treatment under 26 U.S.C. § 1031. Under the circumstances presented by this case, we conclude that they do not, and we affirm the judgment of the Tax Court. We have jurisdiction over this appeal pursuant to 26 U.S.C. § 7482(a).1

I

Teruya Brothers, Ltd. ("Teruya") is a...

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