Clark v. Commissioner
United States Tax Court
Advance of funds by petitioner to his wife did not give rise to a debt where repayment was subject to a contingency that never occurred.
1Opinion of the Court
OPINION.
ARundell, Judge:
In 1937 the petitioner advanced to his wife a sum of money to purchase the stock of a corporation owning the newspaper with which she was associated. The wife was obliged to repay the sum only if the newspaper earned sufficient profits and she received sufficient dividends to make repayment. As a result of unprofitable operations for several years and the liquidation and dissolution of the corporation in 1943, the petitioner’s wife was no longer contingently obligated in 1943 to repay the sum advanced. The petitioner claims the advance was a nonbusiness debt that…
2Cases cited16 opinions
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Bercaw v. CommissionerCourt of Appeals for the Fourth Circuit · 1948
- Gilman v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1931
- Shiman v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1932
- WF Young, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1941
11 more not listed; retrieve them via the Exa API.
3Cited by72 opinions
- Estate of Reynolds v. CommissionerUnited States Tax Court · 1970
- Hans Zimmerman and Clara Zimmerman, Apellants v. United States of America and District Director of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Clark v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1953
- Andrew v. CommissionerUnited States Tax Court · 1970
- Kean v. CommissionerUnited States Tax Court · 1988
67 more not listed; retrieve them via the Exa API.