Legal Opinion
Briarcliff Candy Corporation, (Formerly Loft Candy Corporation) v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided March 12, 1973No. 465, Docket 72-1755PublishedCited by 58 opinions
1Opinion of the Court
ANDERSON, Circuit Judge:
This is an appeal by Briarcliff Candy Corp. (taxpayer), formerly Loft Candy Corp. (Loft), from a decision of the Tax Court which held that substantial expenditures made by Loft in the tax year July 1, 1961 to June 30, 1962, in developing a market for the sale of its candy to wholesale customers were made to acquire a capital asset, 26 . U.S.C. § 263(a)(2), and not deductible as ordinary and necessary business expenses under 26 U.S.C. § 162(a).
The Loft Candy Corp. and its predecessors had, since late in the 19th century, engaged in the manufacture and sale of candy and…
2Cases cited24 opinions
- Commissioner v. Lincoln Savings & Loan Ass'nSupreme Court of the United States · 1971
- Ben Perlmutter and Bernice Perlmutter v. Commissioner of Internal Revenue, the Perlmutters, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1967
- Perlmutter v. CommissionerUnited States Tax Court · 1965
- Willard, Sutherland & Co. v. United StatesSupreme Court of the United States · 1923
- Manhattan Co. of Virginia, Inc. v. CommissionerUnited States Tax Court · 1968
19 more not listed; retrieve them via the Exa API.
3Cited by58 opinions
- Commissioner v. Idaho Power Co.Supreme Court of the United States · 1974
- Goodwin v. CommissionerUnited States Tax Court · 1980
- Cagle v. CommissionerUnited States Tax Court · 1974
- The Colorado Springs National Bank, a National Banking Association v. United StatesCourt of Appeals for the Tenth Circuit · 1974
- Citizens & Southern Corp. v. CommissionerUnited States Tax Court · 1988
53 more not listed; retrieve them via the Exa API.