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BURCK v. C. I. R.

No. 452, Docket 75-4163.

533 F.2d 768 (1976)

G. Douglas BURCK and Marjorie W. Burck, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Second Circuit.

Decided March 4, 1976.

Attorney(s) appearing for the Case

Bradford S. Magill, Greenwich, Conn. (Joseph W. Barnett, Jr., and Magill, Badger, Fisher, Cohen & Barnett, Greenwich, Conn., of counsel), for appellants.

Stanley S. Shaw, Jr., Atty., U.S. Dept. of Justice, Washington, D.C. (Scott P. Crampton, Asst. U.S. Atty. Gen., Gilbert E. Andrews and Elmer J. Kelsey, Attys., U.S. Dept. of Justice, Washington, D.C., of counsel), for appellee.

Before OAKES, VAN GRAAFEILAND and MESKILL, Circuit Judges.

OAKES, Circuit Judge:

This case arises out of the ever-present potential for arbitrariness and evasiveness which is inherent in the cash-basis method of income tax accounting. The specific feature of this general problem brought for review here concerns the deductibility of a year-end transfer of over $300,000 from a taxpayer1 to his bank, purportedly made as a prepayment of one year's interest expense accruing on an outstanding loan over...

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