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DANLY MACHINE CORPORATION v. UNITED STATES

No. 73-1073.

492 F.2d 30 (1974)

DANLY MACHINE CORPORATION, Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided February 15, 1974.

Attorney(s) appearing for the Case

Edward C. Rustigan, Chicago, Ill., for plaintiff-appellant.

Scott P. Crampton, Asst. Atty. Gen., Donald H. Olson, Atty., Tax Division, Dept. of Justice, Washington, D. C., Hon. James R. Thompson, U. S. Atty., Chicago, Ill., for defendant-appellee.

Before KILEY, Senior Circuit Judge, STEVENS, Circuit Judge, and WYZANSKI, Senior District Judge.

WYZANSKI, Senior District Judge.

The question here presented is whether when on December 23, 1968, by regulation, the Secretary of the Treasury allowed each corporate taxpayer which had issued after December 31, 1954 dollar obligations as part of an investment unit consisting of a dollar obligation and an option to purchase stock, thereafter to deduct from gross income annually, but only in years when those obligations remained outstanding, a prorated part of that...

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