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MONEYGRAM INT'L v. COMMISSIONER OF INTERNAL REV.

No. 20-60146.

999 F.3d 269 (2021)

MONEYGRAM INTERNATIONAL, INCORPORATED, and Subsidiaries, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

FILED June 1, 2021.

Attorney(s) appearing for the Case

Aaron Michael Streett , Richard Allen Husseini , Jonathan Mark Little , Jacob Walley , Baker Botts, L.L.P., Houston, TX, for Petitioner-Appellant.

Isaac B. Rosenberg , Clint Aaron Carpenter , Arthur Thomas Catterall , U.S. Department of Justice, Tax Division, Appellate Section, Washington, DC, Michael J. Desmond , Internal Revenue Service, Washington, DC, for Respondent-Appellee.

Before Higginbotham, Costa, and Oldham, Circuit Judges.

The $38 million question is whether MoneyGram International—a "global payment services company"—is a "bank" under the tax code. 26 U.S.C. § 581. If so, then MoneyGram lawfully deducted from its taxes large losses it incurred in writing off mortgage-backed securities during the Great Recession. See...

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