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KRAFT FOODS COMPANY v. COMMISSIONER OF INTERNAL REV.

Nos. 7, 8, Docket Nos. 23224, 23225.

232 F.2d 118 (1956)

KRAFT FOODS COMPANY, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (two cases).

United States Court of Appeals Second Circuit.

Decided April 2, 1956.

Attorney(s) appearing for the Case

Norris Darrell, John F. Dooling, Jr., Dean D. Ramstad, New York City (Erwin N. Griswold, Cambridge, Mass., Sullivan & Cromwell, New York City, of counsel), for petitioner.

H. Brian Holland, Asst. Atty. Gen., Hilbert Zarky, Ellis N. Slack, Lee A. Jackson, Harry Baum, Spec. Assts. to the Atty. Gen., for respondent.

Before CLARK, Chief Judge, and MEDINA and WATERMAN, Circuit Judges.

WATERMAN, Circuit Judge.

The sole issue raised by this appeal from a decision of the Tax Court, 1954, 21 T.C. 513, is whether so-called debenture interest payments made by the taxpayer corporation, Kraft Foods Company, to its parent corporation and sole stockholder, National Dairy Products Corporation, during the years 1934 to 1938, inclusive, constituted deductible "interest * * * on indebtedness" within the meaning of Section 23(b...

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