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SCHLUMBERGER TECHNOLOGY CORP. v. UNITED STATES

No. 29400.

443 F.2d 1115 (1971)

SCHLUMBERGER TECHNOLOGY CORPORATION, Plaintiff-Appellee-Cross Appellant, v. UNITED STATES of America, Defendant-Appellant-Cross Appellee.

United States Court of Appeals, Fifth Circuit.

Rehearing Denied September 15, 1971.

Attorney(s) appearing for the Case

Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Paul M. Ginsburg, Attys., Tax Div., U. S. Dept. of Justice, Washington, D. C., Ben A. Douglas, Atty., Tax Div., Dept. of Justice, Fort Worth, Tex., Anthony J. P. Farris, U. S. Atty., James R. Gough, Asst. U. S. Atty., Houston, Tex., Meyer Rothwacks, Thomas L. Stapleton, Gilbert E. Andrews, Janet R. Spragens, Attys., Dept. of Justice, Washington, D. C., George R. Pain, Asst. U. S. Atty., Houston, Tex., for the United States.

George H. Jewell, Jr., William C. Griffith, Houston, Tex., for taxpayer; Baker, Botts, Shepherd & Coates, Houston, Tex., of counsel.

Before WISDOM, THORNBERRY and DYER, Circuit Judges.

THORNBERRY, Circuit Judge:

The instant matter represents another skirmish in the constant taxpayer-Government struggle over the definition of the term "capital asset," a struggle generated by the advantages to taxpayers of capital gains and the corollary disadvantages of capital losses. The participants in the case at bar call upon us to determine whether taxpayer's loss on unrepaid short term advances, evidenced by promissory notes, to subsidiary corporations were...

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