Unionbancal Corporation v. Commissioner Of Internal Revenue

305 F.3d 976 UNIONBANCAL CORPORATION, f.k.a. Union Bank, Successor in Interest to Standard Chartered Holdings, Inc. and Includable Subsidiaries, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. No. 00-70764. United States Court of Appeals, Ninth Circuit. Argued and Submitted December 4, 2001. Filed September 18, 2002. Frederick R. Chilton, Jr., Paolo M. Dau, and Ward S. Connelly (on the brief), Paulo Dau (argued), Fenwick & West LLP, Palo Alto, CA, for the petitioner. Jonathan S. Cohen and Charles Bricken (on the brief), Charles Bricken (argued), Department of Justice, Tax Division, Washington, DC, for the respondent. Appeal from a Decision of the Tax Court. Tax Court No. 11364-97. Before BRUNETTI, KLEINFELD and THOMAS, Circuit Judges. Opinion by Judge KLEINFELD; Dissent by Judge THOMAS. KLEINFELD, Circuit Judge. 1 This is a tax case regarding availability of a loss deduction to a company whose predecessor-in-interest left a "controlled group." 1 FACTS 2 The facts are undisputed, because the parties stipulated to them before the Tax Court, but the details are complex. Here is a simplified summary. The Appellant, UnionBanCal, is the successor-in-interest of an…