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B. FORMAN COMPANY v. C. I. R.

Nos. 768-771, Dockets 35434, 35839, 71-1026, 71-1027.

453 F.2d 1144 (1972)

B. FORMAN COMPANY, Inc., Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant. McCURDY & COMPANY, Inc., Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant. B. FORMAN COMPANY, Inc., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. McCURDY & COMPANY, Inc., Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided January 10, 1972.

Attorney(s) appearing for the Case

Ellsworth A. Van Graafeiland and Peter L. Faber, Rochester, N. Y. (Wiser, Shaw, Freeman, Van Graafeiland, Harter & Secrest, Richard B. Secrest and William M. Colby, Rochester, N. Y., of counsel), for taxpayers.

Stephen Schwarz, Atty., Tax Div. (Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks and Harry Baum, Attys., Tax Div., Dept. of Justice, Washington, D. C., of counsel), for the Commissioner.

Before CLARK, Associate Justice, SMITH, Circuit Judge, and ZAVATT, District Judge.

ZAVATT, District Judge.

These are cross-appeals from a decision of the Tax Court, 54 T.C. 913 (1970), holding (1) that 26 U.S.C. § 482 (the Internal Revenue Code of 1954, hereinafter the "Code") did not authorize the Commissioner to allocate to B. Forman Co., Inc. (Forman) and McCurdy & Co., Inc. (McCurdy) (both referred to herein as taxpayers) interest income attributable to interest free loans made by the taxpayers to Midtown Holdings Corp. (Midtown), because...

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