Legal Opinion
Bankers & Farmers Life Insurance Company v. United States
Court of Appeals for the Fifth Circuit
Decided April 20, 1981No. 79-2254PublishedCited by 8 opinions
1Opinion of the Court
JERRE S. WILLIAMS, Circuit Judge:
Bankers & Farmers Life Insurance Company (Bankers & Farmers) sued for a tax refund in federal district court, insisting that it should be allowed to revoke its 1970 election to recognize a taxable gain. This ill-fated election was made on the incorrect assumption that the gain would be offset by loss carryover. Based on a jury finding that the election was made in reliance on a good faith mistake of fact, the district court entered judgment for Bankers & Farmers. We reverse.
Proceedings Below
The facts upon which the trial court rendered judgment are…
2Cases cited6 opinions
- New Colonial Ice Co. v. HelveringSupreme Court of the United States · 1934
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Gary E. Weisel v. Singapore Joint Venture, Inc., a Florida CorporationCourt of Appeals for the Fifth Circuit · 1979
- Meyer's Estate v. Commissioner of Internal Revenue. (Three Cases)Court of Appeals for the Fifth Circuit · 1952
- Youngblood v. United StatesDistrict Court, W.D. Texas · 1974
1 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Bartlett & Co. Grain v. Director of RevenueSupreme Court of Missouri · 1983
- Carlstedt Associates, Inc. v. CommissionerUnited States Tax Court · 1989
- Estate of Arnaud v. CommissionerUnited States Tax Court · 1988
- Powers v. CommissionerUnited States Tax Court · 1986
- Estate of Arnaud v. CommissionerUnited States Tax Court · 1988
3 more not listed; retrieve them via the Exa API.