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C. I. R. v. UNIVERSAL LEAF TOBACCO COMPANY

No. 8901.

318 F.2d 658 (1963)

COMMISSIONER OF INTERNAL REVENUE, Petitioner, v. UNIVERSAL LEAF TOBACCO COMPANY, Inc., Respondent.

United States Court of Appeals Fourth Circuit.

Decided June 3, 1963.

Attorney(s) appearing for the Case

Karl Schmeidler, Attorney, Department of Justice (Louis F. Oberdorfer, Asst. Atty. Gen., and Lee A. Jackson and I. Henry Kutz, Attorneys, Department of Justice, on brief), for petitioner.

Frank W. Hardy, Richmond, Va. (James Mullen, and Williams, Mullen & Christian, Richmond, Va., on brief), for respondent.

Before BRYAN and BELL, Circuit Judges, and HARRY E. WATKINS, District Judge.

ALBERT V. BRYAN, Circuit Judge.

The Tax Court, on the petition of Universal Leaf Tobacco Company, Inc. for a redetermination of a deficiency assessment, answered1 in favor of the taxpayer the question now before this Court and accurately posed by the Tax Court as follows:

"The only issue is whether petitioner is entitled, in computing its taxable income for the calendar year 1959, to deduct, under section 164

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