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BRIARCLIFF CANDY CORPORATION v. COMMISSIONER OF INTERNAL REVENUE

No. 465, Docket 72-1755.

475 F.2d 775 (1973)

BRIARCLIFF CANDY CORPORATION, (formerly Loft Candy Corporation), Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Second Circuit.

Decided March 12, 1973.

Attorney(s) appearing for the Case

John J. Yurow, Washington, D. C. (John Harllee, Jr., and Arent, Fox, Kintner, Plotkin & Kahn, Washington, D. C., on the brief), for appellant.

William S. Estabrook, III, Tax Division, Department of Justice, Washington, D. C. (Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, and Ernest J. Brown, Tax Division, Department of Justice, Washington, D. C., on the brief), for appellee.

Before KAUFMAN, ANDERSON and OAKES, Circuit Judges.

ANDERSON, Circuit Judge:

This is an appeal by Briarcliff Candy Corp. (taxpayer), formerly Loft Candy Corp. (Loft), from a decision of the Tax Court which held that substantial expenditures made by Loft in the tax year July 1, 1961 to June 30, 1962, in developing a market for the sale of its candy to wholesale customers were made to acquire a capital asset, 26 U.S.C. § 263(a)(2), and not deductible as ordinary and necessary...

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