Neal Crispin v. Commissioner of Internal Reven, No. 12-2275 (3d Cir. 2013)
Annotate this CaseThis opinion or order relates to an opinion or order originally issued on February 25, 2013.
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PRECEDENTIAL UNITED STATES COURT OF APPEALS FOR THE THIRD CIRCUIT _____________ No. 12-2275 _____________ NEAL CRISPIN, Appellant, v. COMMISSIONER OF INTERNAL REVENUE, _______________ On Appeal from the United States Tax Court (No. 28980-07) Judge: Hon. Diane L. Kroupa _______________ Argued January 8, 2013 Before: RENDELL, FISHER, and JORDAN, Circuit Judges. (Filed: March 19, 2013) _______________ George W. Connelly [ARGUED] Chamberlain, Hrdlicka, White, Johnson & Williams 1200 Smith Street 1400 Citicorp Houston, TX 77002 Counsel for Appellant Gary R. Allen Tamara W. Ashford Richard Farber Judith A. Hagley [ARGUED] Gilbert S. Rothenberg United States Department of Justice Tax Division 950 Pennsylvania Avenue, NW P.O. Box 502 Washington, DC 20044 _______________ ORDER AMENDING OPINION _______________ JORDAN, Circuit Judge. IT IS NOW ORDERED that the above-captioned opinion be amended as follows: Footnote 3 shall now read: The Commissioner contends that that step in the CARDS transaction is predicated on an invalid application of the ... basis provisions of the Internal Revenue Code. (Appellee s Br. at 4.) 2 Specifically, I.R.C. ยง 1012 provides that a taxpayer s basis in property is generally equal to the purchase price paid by the taxpayer. That purchase price includes the amount of the seller s liabilities assumed by the taxpayer as part of the purchase, on the assumption that the taxpayer will eventually repay those liabilities. See Comm r v. Tufts, 461 U.S. 300, 308-09 (1983). But in a CARDS transaction, the Commissioner argues, the taxpayer and the foreign borrower agree that the taxpayer will repay only the portion of the loan equal to the amount of currency the taxpayer actually purchases. /s/ Kent A. Jordan Circuit Judge DATED: March 19, 2013 3
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