In the IRS's appeal from an order allowing a carry-back for certain of Debtor's claimed expenses, the order is affirmed in part, where a distributor's inability to resell a defective product does not qualify as "damage to or loss of the use of property" under I.R.C. section 172(f)(4)(A); but reversed in part, where the Debtor's pension plan payments qualified as specified liability losses.
On Appeal from the United States District Court for the District of New Jersey. District Judge Honorable Garrett E. Brown, Jr.
(D.C. No. 07-cv-00305)
Argued September 11, 2008
Filed June 17, 2009
Before McKEE, SMITH, and WEIS, Circuit Judges.
Opinion by McKee, Circuit Judge.
Attorney for Appellee - KENNETH L. GREENE, Esq., ARTHUR T. CATTERALL, Esq., RACHEL I. WOLLITZER, Esq. (Argued). Tax Division, Department of Justice, 950 Pennsylvania Avenue, N.W. Post Office Box 502, Washington, D.C. 20044-0000