Ies Industries, Inc., and Subsidiaries, Alliant Energy Corporation, Successor in Interest to Ies Industries, Inc. And Subsidiaries v. United States

BOWMAN, Circuit Judge.

IES Industries, Inc., appeals from the judgment of the District Court 1 awarding federal tax refunds to IES, but in an amount far less than IES seeks. 2 We affirm.

I

This tax refund case is before us for the second time. In the first appeal, IES challenged the District Court’s decision that the Internal Revenue Service (IRS) had properly characterized a series of securi ties trades in which IES had engaged as sham transactions for tax purposes. We reversed and remanded. IES Indus., Inc. v. United States, 253 F.3d 350 (8th Cir.2001). We affirmed on the IRS’s cross appeal of…