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WISCONSIN CHEESEMAN, INC. v. UNITED STATES

No. 16319.

388 F.2d 420 (1968)

The WISCONSIN CHEESEMAN, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals Seventh Circuit.

January 4, 1968.

Attorney(s) appearing for the Case

Edwin C. Pick, Ross, Stevens, Pick & Spohn, Madison, Wis., for plaintiff-appellant.

Mitchell Rogovin, Asst. Atty. Gen., Tax Division, Lee A. Jackson, David O. Walter, Robert I. Waxman, Attys., Dept. of Justice, Washington, D. C., Edmund A. Nix, U. S. Atty., Madison, Wis., Meyer Rothwacks, Atty., Dept. of Justice, Washington, D. C., for defendant-appellee, John E. Clarke, Asst. U. S. Atty., of counsel.

Before KILEY, SWYGERT and CUMMINGS, Circuit Judges.

CUMMINGS, Circuit Judge.

This lawsuit involves the proper construction of Section 265(2) of the Internal Revenue Code.1 The question for resolution is whether the taxpayer may deduct from its gross income the interest it paid on its mortgage and some of its short-term loans.

Taxpayer is located in Sun Prairie, Wisconsin, and is in the business of packaging fancy cheeses for sale as Christmas gifts. Its business is seasonal and...

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