Cir

FOR PUBLICATION

UNITED STATES COURT OF APPEALS

FOR THE NINTH CIRCUIT

TERUYA BROTHERS, LTD, and 

SUBSIDIARIES,

No. 05-73779 Petitioner-Appellant, v.  Tax Ct. No. 17955-

COMMISSIONER OF INTERNAL

OPINION

REVENUE,

Respondent-Appellee.  Appeal from a Decision of the Tax Court Argued and Submitted February 11, 2009—Honolulu, Hawaii

Filed September 8, 2009

Before: Stephen Reinhardt, Melvin Brunetti, and Sidney R. Thomas, Circuit Judges.

Opinion by Judge Thomas

12623 12626 TERUYA BROTHERS v. COMM’R OF INTERNAL REVENUE

COUNSEL

Renee M.L. Yuen, Honolulu, Hawaii, for the petitioner- appellant.

Nathan J. Hochman, Assistant Attorney General, Jonathan S. Cohen, Bridget M. Rowan, Attorneys, Tax Division, Depart- ment of Justice, Washington, D.C., for the respondent- appellee. TERUYA BROTHERS v. COMM’R OF INTERNAL REVENUE 12627

OPINION

THOMAS, Circuit Judge:

This case requires us to determine whether two like-kind exchanges involving related parties qualify for nonrecognition treatment under 26 U.S.C. § 1031. Under the circumstances presented by this case, we conclude that they do not, and we affirm the judgment of the Tax Court. We have…