National Bancorp of Alaska, Inc. - Page 7

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          Circuit stated:                                                             
               After a complete review de novo, we agree with the Tax                 
               Court’s well-reasoned opinion, and affirm on the basis                 
               of the analysis set forth therein. * * *  Because we                   
               have nothing of substance to add to the Tax Court’s                    
               thorough analysis, further discussion is superfluous.                  
               [Sutherland Lumber-Southwest, Inc. v. Commissioner, __                 
               F.3d at __.]                                                           
          The above quote applies to the case before us.  No purpose would            
          be served by repeating the statutory analysis that led us to hold           
          that an employer’s deduction is not limited to the amount                   
          reportable by its employees.                                                
               The doctrine of stare decisis generally requires that we               
          follow the holding of a previously decided case, absent special             
          justification.  Sec. State Bank v. Commissioner, 111 T.C. 210,              
          213 (1998), affd. 214 F.3d 1254 (10th Cir. 2000).  While                    
          respondent has thoroughly rearticulated his arguments in support            
          of a different interpretation of the statute, we find nothing               
          therein that would cause us to refrain from applying the doctrine           
          of stare decisis in the instant case.  Accordingly, we hold that            
          petitioner’s deduction for operation of the Gulfstream is in no             
          way limited by the value reportable by its employees.                       

                                                  Decision will be entered            
                                             under Rule 155.                          

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Last modified: May 25, 2011