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PILGRIM'S PRIDE v. COMMISSIONER OF INTERNAL REV.

No. 14-60295.

779 F.3d 311 (2015)

PILGRIM'S PRIDE CORPORATION, Successor in Interest to Pilgrim's Pride Corporation of Georgia, formerly known as Gold Kist, Incorporated, Successor in Interest to Gold Kist, Incorporated and Subsidiaries, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

February 25, 2015.

Attorney(s) appearing for the Case

Robert H. Albaral , Todd A. Schroeder , Baker & Mckenzie, L.L.P., Dallas, TX, for Petitioner-Appellant.

Jennifer Marie Rubin, Esq. , Kathryn Keneally , Joan I. Oppenheimer , U.S. Department of Justice, William J. Wilkins , Internal Revenue Service, Washington, DC, for Respondent-Appellee.

Before PRADO, ELROD, and HAYNES, Circuit Judges.

In this tax case, we must determine whether Pilgrim's Pride Corporation's loss from its abandonment of securities is an ordinary loss or a capital loss. The Tax Court — in what appears to be the first ruling of its kind by any court — ruled that 26 U.S.C. § 1234A(1) applies to the abandonment...

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