Deluxe Corp. v. United States

885 F.2d 848 (1989)

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Deluxe Corp. v. United States

United States Court of Appeals for the Federal Circuit
885 F.2d 848 (1989)

Facts

The Deluxe Check Printers Foundation (foundation) was an exempt organization under § 501 and a private foundation under § 509 of the Internal Revenue Code. The Deluxe Corporation (plaintiff) received authorization to redeem its own outstanding shares on the over-the-counter market. As required by federal securities law, Deluxe excluded its officers and directors from participating in the stock redemption. The foundation owned Deluxe stock and sold stock to Deluxe in the stock redemption. The Internal Revenue Service (IRS) imposed self-dealing excise taxes for the foundation’s sales to Deluxe. Deluxe and the foundation paid the taxes but disagreed with the IRS that the sales were prohibited self-dealing and applied for a refund. The IRS denied the refund. Deluxe sued in the United States Court of Claims, which ruled in favor of the IRS. Deluxe appealed.

Rule of Law

Issue

Holding and Reasoning (Newman, J.)

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