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FRANK LYON CO. v. UNITED STATES

No. 76-624.

435 U.S. 561 (1978)

98 S.Ct. 1291

55 L.Ed.2d 550

FRANK LYON CO. v. UNITED STATES.

Supreme Court of United States.

Decided April 18, 1978.

Attorney(s) appearing for the Case

Erwin N. Griswold argued the cause for petitioner. With him on the briefs was J. Gaston Williamson.

Stuart A. Smith argued the cause for the United States. With him on the briefs were Solicitor General McCree, Assistant Attorney General Ferguson, and John A. Dudeck, Jr.*

MR. JUSTICE BLACKMUN delivered the opinion of the Court.

This case concerns the federal income tax consequences of a sale-and-leaseback in which petitioner Frank Lyon Company (Lyon) took title to a building under construction by Worthen Bank & Trust Company (Worthen) of Little Rock, Ark., and simultaneously leased the building back to Worthen for longterm use as its headquarters and principal banking facility.

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