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ENCYCLOPAEDIA BRITANNICA, INC. v. C. I. R.

No. 81-2785.

685 F.2d 212 (1982)

ENCYCLOPAEDIA BRITANNICA, INC., Petitioner-Appellee, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellant.

United States Court of Appeals, Seventh Circuit.

Decided August 9, 1982.

As Amended October 6, 1982.

Attorney(s) appearing for the Case

Matthew S. Cohen, Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellant.

Arthur S. Rollin, Mayer, Brown & Platt, Chicago, Ill., for petitioner-appellee.

Before CUMMINGS, Chief Judge, POSNER, Circuit Judge, and DECKER, Senior District Judge.

POSNER, Circuit Judge.

Section 162(a) of the Internal Revenue Code of 1954, 26 U.S.C. § 162(a), allows the deduction of "all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business ...," but this is qualified (see 26 U.S.C. § 161) by section 263(a) of the Code, which forbids the immediate deduction of "capital expenditures" even if they are ordinary and necessary business expenses. We must decide...

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