PEPI, INC., Appellant,
v.
COMMISSIONER OF INTERNAL REVENUE, Appellee.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued January 7, 1971.
Decided September 7, 1971.
Attorney(s) appearing for the Case
Ben Herzberg, New York City (Botein, Hays, Sklar & Herzberg, Sydney C. Winton, Robert J. Wolpert and Sherwin Kamin, New York City (of Kramer, Lowenstein, Nessen & Kamin), New York City, on the brief), for appellant.
John S. Brown, Dept. of Justice, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks and Elmer J. Kelsey, Washington, D. C., on the brief), for appellee.
Before LUMBARD, MOORE and SMITH, Circuit Judges.
United States Court of Appeals, Second Circuit.
LUMBARD, Circuit Judge:
PEPI, Inc. appeals from a decision of the Tax Court, 52 T.C. 854 (1969) (Mulroney, J.), which held that the petitioner's predecessor corporation, Philips Electronics, Inc. (Electronics) was not entitled to certain tax deductions in its 1958 and 1959 returns. Electronics had taken the deductions based on a $2,133,250.03 loss carryover that it had acquired as a result of a merger between its predecessor corporations...
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