-3-
enhancements. A proper administrative costs adjustment
is limited to incremental costs.
Jay H. Zimbler, John L. Snyder, Michael A. Clark, Michael R.
Schlessinger, Bradford L. Ferguson, David M. Schiffman, John
Wester, Kevin R. Pryor, Michael M. Conway, Marilyn D. Franson,
and Hille R. Sheppard, for petitioner.*
Marjory A. Gilbert, Marsha A. Sabin, Joseph P. Ferrick, John
W. Rogers III, Charles W. Culmer, Michael O’Donnell, and William
Merkle, for respondent.
CONTENTS
FINDINGS OF FACT............................................. 14
I. Background....................................... 14
A. Stipulations of Fact........................... 14
B. Briefs on CD-ROM With Appropriate Hyperlinks... 14
C. Relevant Taxpayers............................. 15
1. FCC....................................... 15
2. First Chicago NBD Corp.................... 15
3. FNBC...................................... 15
4. Bank One Corp............................. 16
II. The Swaps Business............................... 17
A. Swaps in General............................... 17
1. Definition of a Swap...................... 17
* Brief of amici curiae was filed by Leslie B. Samuels and
Edward D. Kleinbard as counsel for the American Bankers
Association, the Institute of International Bankers, the
International Swaps and Derivatives Association, Inc., the
Securities Industry Association, the New York Clearing House
Association L.L.C., and the Wall Street Tax Association.
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