First M & F Corp. v. United States

OPINION

SENTER, Chief Judge.

OPINION

This suit involves an attempt by the plaintiff to recover amounts which it has paid to the Internal Revenue Service after certain deductions it took for tax years 1982, 1983, and 1984 were disallowed. The case presents the classic debt/equity question. The case is presently before the court on cross-motions for summary judgment. The facts are largely undisputed.

FACTS

First M & F Corporation (the company) is a bank holding company which was formed in 1979. The primary purpose for formation of the company was to purchase a controlling interest in Merchants &…