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ANSCHUTZ CO. v. COMMISSIONER

Nos. 18942-07, 19083-07.

135 T.C. 78 (2010)

ANSCHUTZ COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. PHILIP F. AND NANCY P. ANSCHUTZ, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent

United States Tax Court.

Filed July 22, 2010.

Attorney(s) appearing for the Case

Robert A. Rudnick, Jonathan R. DeFosse, Richard J. Gagnon, Jr., and Thomas S. Martin, for petitioners.

Dennis M. Kelly, Michael Cooper, and Jennifer Auchterlonie, for respondent.

GOEKE, Judge:

This deficiency case turns on the treatment of stock transactions entered into by the Anschutz Corp. (TAC), a qualified subchapter S subsidiary of the Anschutz Co., during 2000 and 2001. TAC entered into a master stock purchase agreement (MSPA) to sell shares of stock to an investment bank. The MSPA also called for TAC to lend those same shares to the bank. The issue is whether this sale agreement with...

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