Phyllis Ranier, Harry H. Ranier, and Juda Ranier v. United States

RALPH B. GUY, Jr., Circuit Judge.

Plaintiffs appeal from a district court’s denial of a claim for refund of taxes paid in 1982, based on alleged errors in plaintiffs’ 1977 return. Plaintiffs argue that the district court erred in holding that Internal Revenue Code rules, calling for recapture of investment tax credits, apply to taxpayers in plaintiffs’ position. We conclude that the plaintiffs were properly assessed investment credit recapture tax, and affirm.

I

Plaintiffs Phyllis and Harry Ranier were the two sole shareholders in the Triple Elk-horn Mining Company. (Juda Ranier, Harry Ranier’s…