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SCHULTZ v. COMMISSIONER OF INTERNAL REVENUE

No. 17764.

420 F.2d 490 (1970)

George L. SCHULTZ and Margaret F. Schultz, Appellants v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Third Circuit.

Decided January 9, 1970.

Attorney(s) appearing for the Case

John P. Lipscomb, Lee, Toomey & Kent, Washington, D. C. (Thomas E. Jenks, Washington, D. C., Myles A. Cane, New York City, on the brief), for appellants.

William L. Goldman, U. S. Dept. of Justice, Tax Division, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Meyer Rothwacks, Lester B. Snyder, Attys., Dept. of Justice, Washington, D. C., on the brief), for appellee.

Before KALODNER, STALEY and FREEDMAN, Circuit Judges.

OPINION OF THE COURT

PER CURIAM.

On this appeal the appellant taxpayers challenge the Tax Court's Decision that their four year pre-payment of storage charges, insurance premiums and state ad valorem taxes, in conjunction with their non-business purchase of substantial quantities of bulk whiskey, were not deductible as ordinary and necessary expenses under Section 212(2) of the 1954 Internal Revenue Code, but instead should be added to the cost of the whiskey...

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