Legal Opinion
Rexnord, Inc. v. United States
Court of Appeals for the Seventh Circuit
Decided August 21, 1991No. 90-2903PublishedCited by 4 opinions
1Opinion of the Court
WILL, Senior District Judge.
Rexnord, Inc. claimed inventory losses in its 1977 and 1978 federal corporate tax returns based on its transfers of excess and obsolete inventory to a company called S.R. Sales. The IRS determined that these transfers were not bona fide sales and disallowed the write off losses. Rexnord paid additional tax assessments and sought a refund, which the IRS denied. Rexnord then filed suit in district court. The district court agreed with the IRS that, for federal tax purposes, the transactions were not true sales. We affirm.
Rexnord Inc. is a manufacturer of process and…
2Cases cited19 opinions
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Thor Power Tool Co. v. CommissionerSupreme Court of the United States · 1979
- Jiri Mucha v. Charles KingCourt of Appeals for the Seventh Circuit · 1986
- Louis Buddy Yosha v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1988
- Stephen R. Wright v. United StatesCourt of Appeals for the Seventh Circuit · 1987
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3Cited by4 opinions
- Richard W. Barber, Personal Representative of the Estate of Barbara W. Reese, Deceased v. John J. Ruth and Lucille A. RuthCourt of Appeals for the Seventh Circuit · 1993
- Corra Resources, Ltd. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1991
- Thomas O'Malley v. Commissioner of Internal Revenue ServiceCourt of Appeals for the Seventh Circuit · 1992
- Volvo Cars of North America, LLC v. United StatesCourt of Appeals for the Fourth Circuit · 2009