United States v. Reorganized CF&I Fabricators of Utah, Inc.

delivered the opinion of the Court.†

This case presents two questions affecting the priority of an unsecured claim in bankruptcy to collect an exaction under 26 U. S. C. § 4971(a), requiring a payment to the Internal Revenue Service equal to 10 percent of any accumulated funding deficiency of certain pension plans: first, whether the exaction is an “excise tax” for purposes of 11 U. S. C. § 507(a)(7)(E) (1988 ed.),1 which at the time relevant here gave seventh priority to a claim for such a tax; and, second, whether principles of equitable subordination support a cate*216gorical rule placing §4971…