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AMERICAN FINANCIAL GROUP v. U.S.

No. 10-3991.

678 F.3d 422 (2012)

AMERICAN FINANCIAL GROUP AND CONSOLIDATED SUBSIDIARIES, Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: May 4, 2012.

Attorney(s) appearing for the Case

ARGUED: Francesca U. Tamami , United States Department of Justice, Washington, D.C., for Appellant. Michael Quigley , White & Case LLP, Washington, D.C., for Appellee. ON BRIEF: Francesca U. Tamami , David I. Pincus , Gilbert S. Rothenberg , United States Department of Justice, Washington, D.C., for Appellant. Michael Quigley , White & Case LLP, Washington, D.C., Sue A. Erhart , Great American Insurance Group, Cincinnati, Ohio, for Appellee. Philomena M. Dane , Squire, Sanders & Dempsey (US) LLP, Columbus, OH, for Amicus Curiae.

Before: MARTIN, SUTTON and BALDOCK, Circuit Judges.

OPINION

SUTTON, Circuit Judge.

In 1995, an insurance company made three accounting changes to its annuity business. The changes allowed the company to deduct $59 million from its federal taxable income over the next ten years, or so it thought. The Internal Revenue Service rejected the deduction, and the company sued for a refund, which the district court granted. Because the company's calculations followed the accounting principles in place at the time...

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