Legal Opinion
Road Materials, Inc. v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Road Materials, Inc.
Court of Appeals for the Fourth Circuit
Decided May 5, 1969No. 12501_1PublishedCited by 49 opinions
1Opinion of the Court
BUTZNER, Circuit Judge:
The Tax Court held that advances made by the taxpayer, Road Materials, Inc., to Savage Construction Company were not deductiblé as bad debts, but instead were contributions to capital. 1 Upon the taxpayer’s petition for review, we find no error in the Tax Court’s decision, but we remand the case to determine whether the loss from the capital contributions can be offset against ordinary income under Int.Rev.Code of 1954, § 165(g) (3) [26 U.S.C. § 165(g) (3) (1967)].
C. N. Haynes is a president and principal stockholder of two family corporations : Road Materials, Inc.,…
2Cases cited12 opinions
- Commissioner v. DubersteinSupreme Court of the United States · 1960
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Benjamin D. And Madeline Prentice Gilbert, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1959
- Nassau Lens Co., Inc. v. Commissioner of Internal Revenue, Commissioner of Internal Revenue v. Harry Pildes and Sarah PildesCourt of Appeals for the Second Circuit · 1962
- Byerlite Corporation v. Parker C. Williams, District Director of Internal Revenue, Eighteenth District of OhioCourt of Appeals for the Sixth Circuit · 1960
7 more not listed; retrieve them via the Exa API.
3Cited by49 opinions
- Recklitis v. CommissionerUnited States Tax Court · 1988
- In the Matter of Uneco, Inc., Bankrupt. United States of America v. Uneco, Inc.Court of Appeals for the Eighth Circuit · 1976
- Calumet Industries, Inc. v. CommissionerUnited States Tax Court · 1990
- Kean v. CommissionerUnited States Tax Court · 1988
- Miele v. CommissionerUnited States Tax Court · 1971
44 more not listed; retrieve them via the Exa API.