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5th Circ. Reverses Poultry Co.'s $30M Tax Deficiency

Law360, New York (February 25, 2015, 7:45 PM EST) -- The Fifth Circuit on Wednesday handed a major victory to poultry production giant Pilgrim's Pride Corp., reversing a U.S. Tax Court decision that asserted the company owed $29.7 million in deficient taxes due to falsely claiming an ordinary loss after abandoning $98.6 million in securities.

In a written de novo opinion, the Fifth Circuit ruled that the section of tax code utilized by the commissioner to claim a capital loss instead of the more tax-friendly ordinary loss should not apply to a taxpayer's abandonment of a...
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Case Information

Case Title

Pilgrim's Pride Corporation v. CIR


Case Number

14-60295

Court

Appellate - 5th Circuit

Nature of Suit

Date Filed

April 23, 2014

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