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CMI INTL., INC. v. COMMISSIONER

Docket No. 24752-92.

113 T.C. 1 (1999)

CMI INTERNATIONAL, INC. A MICHIGAN CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed July 13, 1999.

Attorney(s) appearing for the Case

James P. Fuller, Kenneth B. Clark, Jennifer L. Fuller, William F. Colgin, James E. Beall, and Joseph A. Ahern, for petitioner.

Lewis R. Mandel and Trevor T. Wetherington, for respondent.

FOLEY, Judge:

By notice dated October 6, 1992, respondent determined a $291,011 deficiency in petitioner's 1988 Federal income tax. The primary issue for decision is whether petitioner, pursuant to section 367(a), recognized gain relating to a swap transaction. We hold petitioner did not. All section references are to the Internal Revenue Code in effect for the year in issue.

FINDINGS OF FACT

In the...

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