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SPELLMAN v. C.I.R.

No. 87-2177.

845 F.2d 148 (1988)

Burton L. SPELLMAN and Roslyn Spellman, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided April 21, 1988.

Attorney(s) appearing for the Case

Bernard Wiczer, Wiczer & Associates, Chicago, Ill., for petitioners-appellants.

Gary D. Gray, Appellate Sec., Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before BAUER, Chief Judge, POSNER, Circuit Judge, and PELL, Senior Circuit Judge.

POSNER, Circuit Judge.

Since 1954 a taxpayer has been allowed to deduct from his income, as a current expense, "research or experimental expenditures which are paid or incurred ... during the taxable year in connection with his trade or business." 26 U.S.C. § 174(a)(1). This exceptional treatment — exceptional because research and development expenditures are capital in nature, since they yield benefits over a period of time rather than when incurred ...

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