Ames v. Commissioner
United States Board of Tax Appeals
Petitioner owned all the outstanding stock of a corporation which he had organized to carry on his individual business of producing plays. No one else was associated with the petitioner in managing the affairs of the corporation and he devoted all his working hours to the business. Petitioner supplied the necessary capital by making personal loans to the corporation.
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Petitioner owned all the outstanding stock of a corporation which he had organized to carry on his individual business of producing plays. No one else was associated with the petitioner in managing the affairs of the corporation and he devoted all his working hours to the business. Petitioner supplied the necessary capital by making personal loans to the corporation. In 1922 the corporation, being unable to repay these loans, confessed judgment in favor of the petitioner in the sum of $719,223.68, which amount was subsequently reduced to $504,372.18. Petitioner took over all the assets of the…
1Opinion of the Court
WINTHROP AMES, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Ames v. Commissioner
Docket No. 42288.
United States Board of Tax Appeals
27 B.T.A. 729; 1933 BTA LEXIS 1315;
February 11, 1933, Promulgated
Petitioner owned all the outstanding stock of a corporation which he had organized to carry on his individual business of producing plays. No one else was associated with the petitioner in managing the affairs of the corporation and he devoted all his working hours to the business. Petitioner supplied the necessary capital by making personal loans to the corporation. In 1922 the…
2Cases cited5 opinions
- Burnet v. ClarkSupreme Court of the United States · 1932
- Burnet v. Commonwealth Improvement Co.Supreme Court of the United States · 1932
- Dalton v. BowersSupreme Court of the United States · 1932
- Ames v. CommissionerUnited States Board of Tax Appeals · 1924
- Ames v. CommissionerUnited States Board of Tax Appeals · 1933