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SALOMON, INC. v. U.S.

No. 1725, Docket 92-6069.

976 F.2d 837 (1992)

SALOMON INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided October 6, 1992.

Attorney(s) appearing for the Case

Stuart E. Seigel (Victor Zonana, Kent L. Killelea, of counsel), Arnold & Porter, New York City, for plaintiff-appellant.

Steven C. Bennett, Asst. U.S. Atty. (Otto G. Obermaier, U.S. Atty., for the Southern District of New York, Sharon Cohen Levin, Asst. U.S. Atty., of counsel), for defendant-appellee.

Before: NEWMAN, PRATT, and WALKER, Circuit Judges.

WALKER, Circuit Judge:

In the years prior to 1981 plaintiff-appellant Salomon Inc. received tax credits for investments it had made in machinery and equipment assets. In 1981, when Salomon transferred the assets to a subsidiary and then spun-off the subsidiary to its shareholders, defendant-appellee United States required Salomon to pay back a portion of the credits received pursuant to the Internal Revenue Code's "recapture" provision. See 26 U.S.C. §...

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