Brutsche v. Commissioner
United States Tax Court
Held: 1. On the basis of the facts in this record, advances by one of the stockholders of a corporation (T.M.) to that corporation were loans and not contributions to capital and these advances did not constitute a second class of stock under sec. 1371, I.R.C. 1954; 2. Under sec. 1372(c)(1), I.R.C. 1954, T.M.'s election on June 26, 1961, to be taxed as an electing small business corporation was not timely with respect to its first taxable year ending on June 30, 1961, but…
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Held: 1. On the basis of the facts in this record, advances by one of the stockholders of a corporation (T.M.) to that corporation were loans and not contributions to capital and these advances did not constitute a second class of stock under sec. 1371, I.R.C. 1954; 2. Under sec. 1372(c)(1), I.R.C. 1954, T.M.'s election on June 26, 1961, to be taxed as an electing small business corporation was not timely with respect to its first taxable year ending on June 30, 1961, but was timely with respect to its second taxable year beginning on July 1, 1961, and ending June 30, 1962; 3. Under the facts…
1Opinion of the Court
Ralph L. Brutsche and Ingrid Brutsche, Petitioners v. Commissioner of Internal Revenue, Respondent; Ruth L. Farley, Petitioner v. Commissioner of Internal Revenue, Respondent
Brutsche v. Commissioner
Docket Nos. 6818-73, 6819-73
United States Tax Court
65 T.C. 1034; 1976 U.S. Tax Ct. LEXIS 151;
March 2, 1976, Filed
Decisions will be entered under Rule 155.
Held: 1. On the basis of the facts in this record, advances by one of the stockholders of a corporation (T.M.) to that corporation were loans and not contributions to capital and these advances did not constitute a second class of stock under sec.…
2Cases cited28 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- Dixon v. United StatesSupreme Court of the United States · 1965
- Hort v. CommissionerSupreme Court of the United States · 1941
- Continental Tie & Lumber Co. v. United StatesSupreme Court of the United States · 1932
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
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