Garlove v. Commissioner
United States Tax Court
Petitioner, a practicing lawyer, made loans to client K corporation, in which he was a minority shareholder. The loans (which became worthless in 1958) were made to help K meet competition and finance its inventory so that it could continue as one of petitioner's fee paying clients.
Read the full summary
Petitioner, a practicing lawyer, made loans to client K corporation, in which he was a minority shareholder. The loans (which became worthless in 1958) were made to help K meet competition and finance its inventory so that it could continue as one of petitioner's fee paying clients. This client had paid the petitioner substantial legal fees for several years, and additional fees earned by petitioner from individual shareholders of K corporation were directly attributable to petitioner's association with them therein. Held, that under such circumstances the loans to K corporation were…
1Opinion of the Court
Frank A. Garlove and Laverne C. Garlove v. Commissioner.
Garlove v. Commissioner
Docket No. 4173-62.
United States Tax Court
T.C. Memo 1965-201; 1965 Tax Ct. Memo LEXIS 129; 24 T.C.M. (CCH) 1049; T.C.M. (RIA) 65201;
July 23, 1965
Petitioner, a practicing lawyer, made loans to client K corporation, in which he was a minority shareholder. The loans (which became worthless in 1958) were made to help K meet competition and finance its inventory so that it could continue as one of petitioner's fee paying clients. This client had paid the petitioner substantial legal fees for several years, and…
2Cases cited9 opinions
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Bart v. CommissionerUnited States Tax Court · 1954
- Pachella v. CommissionerUnited States Tax Court · 1961
- Martin v. CommissionerUnited States Tax Court · 1955
- Max Putnam and Elizabeth Putnam v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1955
4 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Hogue v. CommissionerUnited States Tax Court · 1971