ACM Partnership v. Commissioner
United States Court of Appeals for the Third Circuit
157 F.3d 231 (1998)
Transactions related to corporate reorganizations are analyzed according to their substance rather than their form for tax purposes.
Relevant Facts
Colgate-Palmolive Company realized $100 million in capital gains in 1988. In 1989, Colgate, Merrill Lynch Capital Services, and Algemene Bank Nederland N.V. (ABN) formed ACM Partnership. ACM's transactions resulted in significant initial capital gains for ABN and subsequent capital losses for Colgate, aiming to offset Colgate's 1988 gains. The IRS found these transactions solely for tax-avoidance with no profit intent and disallowed the tax treatment.
Issue
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Holding & Reasoning
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Concurrence
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Dissent
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Last updated:
December 8, 2023
Judicial Opinion
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Procedural History
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Citations
157 F.3d 231 (1998)