WASATCH CHEMICAL COMPANY v. C. I. R.

No. 7062.

313 F.2d 843 (1963)

WASATCH CHEMICAL COMPANY, a Utah corporation, Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Tenth Circuit.

February 26, 1963.


Attorney(s) appearing for the Case

Frank J. Allen, Salt Lake City, Utah (Edward W. Clyde, Salt Lake City, Utah, on the brief), for petitioner.

Michael A. Mulroney, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson and Melva M. Graney, Washington, D. C., on the brief), for respondent.

Before BREITENSTEIN, HILL and SETH, Circuit Judges.


SETH, Circuit Judge.

The petitioner adopted a profit sharing pension plan and made contributions to the trust by delivery of its own unsecured, interest-bearing promissory notes with stated maturity dates. The question on this appeal is whether the delivery of such notes constituted "payment" to allow them as deductions on the petitioner's income tax returns under Section 404 of the Internal Revenue Code of 1954.

More particularly the issues relate to asserted...

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