Waterman-Bic Pen Corporation v. United States

J. JOSEPH SMITH, Circuit Judge.

The sole issue presented by this appeal is whether amounts credited to a retailer or wholesaler to reimburse expenditures for local advertising pursuant to a cooperative local advertising program constitute price readjustments entitling a manufacturer to an excise tax refund prior to the 1960 amendment of Section 6416(b) (1) of the Internal Revenue Code of 1954, 26 U.S.C. § 6416(b) (1). The United States District Court for the Southern District of New York, Richard H. Levet, D. J., decided the question in the negative, and the taxpayer has appealed. Though the…