IPPOLITO v. C. I. R.

No. 273, Docket 30150.

364 F.2d 744 (1966)

Michael J. IPPOLITO and Agnes Ippolito, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided July 22, 1966.


Attorney(s) appearing for the Case

Bernard Speisman, New York City (Arnold Broser, of counsel), for appellants.

Jonathan S. Cohen, Atty., Dept. of Justice, Richard M. Roberts, Acting Asst. Atty. Gen., Lee A. Jackson, David O. Walter, Attys., Dept. of Justice, for respondent.

Before WATERMAN, MOORE and FRIENDLY, Circuit Judges.


WATERMAN, Circuit Judge:

Michael J. Ippolito, a cash method of accounting taxpayer, herein referred to as the petitioner, together with his wife who is a party only because the Ippolitos filed a joint return for the calendar year 1955, petition to review a decision of the Tax Court upholding the disallowance by the Commissioner of a claimed deduction for federal income tax purposes of a payment of $37,777.77 made by petitioner to Gibraltar Financial Corporation in...

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