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C. I. R. v. BARCLAY JEWELRY, INC.

No. 6747.

367 F.2d 193 (1966)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. BARCLAY JEWELRY, INC., Respondent.

United States Court of Appeals First Circuit.

October 19, 1966.

Attorney(s) appearing for the Case

Richard C. Pugh, Atty., Dept. of Justice, with whom Mitchell Rogovin, Asst. Atty. Gen., and Lee A. Jackson, Gilbert E. Andrews and Robert A. Bernstein, Attys., Dept. of Justice, were on brief, for petitioner.

James R. McGowan, Providence, R. I., with whom Lester H. Salter and Salter & McGowan, Providence, R. I., were on brief, for respondent.

Before ALDRICH, Chief Judge, McENTEE and COFFIN, Circuit Judges.

ALDRICH, Chief Judge.

This petition by the Commissioner to review a decision of the Tax Court involves a carryover loss deduction taken against the 1960 income of a corporate taxpayer. In 1958 all of the stock of two corporations, Barclay Company and respondent taxpayer Barclay Jewelry, Inc., was owned by one Rice. Barclay Company was a manufacturer of costume jewelry. Taxpayer was its principal customer. Taxpayer, as a wholesaler, sold through manufacturers' representatives...

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