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UNITED STATES v. INTERMOUNTAIN FURNITURE MFG. CO.

No. 8453.

363 F.2d 554 (1966)

UNITED STATES of America, Appellant, v. INTERMOUNTAIN FURNITURE MANUFACTURING COMPANY, Inc., a Utah Corporation, Appellee.

United States Court of Appeals Tenth Circuit.

July 27, 1966.

Attorney(s) appearing for the Case

J. Edward Shillingburg, Atty., Dept. of Justice, Washington, D. C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, and I. Henry Kutz, Attys., Dept. of Justice, Washington, D. C., William T. Thurman, U. S. Atty., and Walker E. Anderson, Asst. U. S. Atty., Salt Lake City, Utah, of counsel, with him on the brief), for appellant.

A. M. Ferro and Dean W. Chipman, Salt Lake City, Utah, for appellee.

Before MURRAH, Chief Judge, SETH, Circuit Judge, and LANGLEY, District Judge.

SETH, Circuit Judge.

This is an action by the corporate taxpayer for a refund of income taxes which it asserts were erroneously assessed against it. The issue concerns deductions made by the taxpayer for the years 1958, 1959, and 1960, for what it claims to be payment of interest.

The issue concerns Section 163(a) of the Internal Revenue Code of 1954 which provides: "There shall be allowed as a deduction all interest paid or accrued within the taxable year...

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