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ALABAMA CENT. CREDIT UNION v. UNITED STATES

Civ. A. No. 83-G-2957-S.

646 F.Supp. 1199 (1986)

ALABAMA CENTRAL CREDIT UNION, Plaintiff, v. UNITED STATES of America, Defendant.

United States District Court, N.D. Alabama, S.D.

August 14, 1986.

Attorney(s) appearing for the Case

Dan W. McCoy, Jack M. Pate and C. Stephen Trimmier, Trimmier & Pate, Birmingham, Ala., for plaintiff.

Frank W. Donaldson, U.S. Atty. and Caryl P. Privett, Ass't U.S. Atty., Birmingham, Ala., Michael J. King, U.S. Dept. of Justice, Tax Div., Washington, D.C., for defendant.

MEMORANDUM OPINION

GUIN, District Judge.

This is a civil tax suit in which the plaintiff, Alabama Central Credit Union, is seeking to recover from the defendant, United States of America, a refund in the amount of $26,492.66, for federal income taxes paid with respect to the 1977 tax year. The facts are undisputed.

Questions presented:

1. Whether securities purchased on margin or with borrowed funds constitute debt-financed property...

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