In a dispute involving a federal income tax refund, summary judgment in favor of the government is affirmed where the court properly held that that 26 U.S.C. sec. 162(k)(1) disallows plaintiff from claiming the deduction available under 26 U.S.C. sec. 404(k)(1) for payments to an Employee Stock Ownership Plan trust in redemption of the preferred stock, as it inevitably involves an amount paid or incurred by a corporation in connection with the reacquisition of its stock.
Read Conopco, Inc. v. US, No. 07-3564
Appellate InformationAppeal from the United States District Court for the District of New Jersey.Argued January 6, 2009Filed July 13, 2009
JudgesBefore: FUENTES and FISHER, Circuit Judges, and PADOVA, District Judge.Opinion by FISHER, Circuit Judge.
CounselFor Appellant: Ronald S. Rolfe, Cravath, Swaine & Moore.
For Appellee: Ellen P. DelSole, United States Department of Justice.
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