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TAVANNES WATCH CO. v. COMMISSIONER OF INTERNAL REV.

No. 219, Docket 21258.

176 F.2d 211 (1949)

TAVANNES WATCH CO,. Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided July 11, 1949.

Attorney(s) appearing for the Case

David Baumgarten, New York City, for petitioner.

Charles Oliphant, Theron Lamar Caudle, Washington, D. C., Ellis N. Slack and Harry Baum, Washington, D. C., for respondent.

Before L. HAND, Chief Judge, and CLARK and FRANK, Circuit Judges.

FRANK, Circuit Judge.

Before the adoption of the Revenue Act of 1942, payments made to employees' profit-sharing funds could be deducted either as "ordinary and necessary" business expenses, under Section 23(a) of the Code, 26 U.S.C.A. § 23(a), or under the specific provisions for such deductions of Section 23(p) of the Code. In the Revenue Act of 1942 Congress forbade any such deductions except in accord with Section 23 (p) of the Code as amended by that Act...

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