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NCNB CORP. v. UNITED STATES

No. 78-1771.

651 F.2d 942 (1981)

NCNB CORPORATION, a North Carolina Corporation; North Carolina National Bank, Appellees, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided June 18, 1981.

Attorney(s) appearing for the Case

Aaron Rosenfeld, Tax Division, Dept. of Justice, Washington, D. C. (Gilbert E. Andrews, Jonathan S. Cohen, Tax Division, Dept. of Justice, M. Carr Ferguson, Asst. Atty. Gen., Washington, D. C., Harold M. Edward, U. S. Atty., Charlotte, N. C., on brief), for appellant.

E. Osborne Ayscue, Jr., Charlotte, N. C. (John W. Johnston, William H. Higgins, Helms, Mulliss & Johnston, Charlotte, N. C., on brief), for appellees.

Before BRYAN, Senior Circuit Judge, WIDENER and MURNAGHAN, Circuit Judges.

MURNAGHAN, Circuit Judge:

Here we encounter the distinction between those business-related expenditures which under I.R.C. § 162 may currently be set off against a taxpayer's gross income for the present accounting period (expensed) and those expenditures which must be carried forward on the taxpayer's books as part of the cost of producing income which will be recognized in future accounting periods (capitalized and subsequently written off, amortized, or depreciated...

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