Holman v. Commissioner
United States Tax Court
In 1968, Ellsworth C. Holman withdrew $14,250 from After Hours, Inc., a corporation in which he was a fifty percent shareholder. The withdrawals were to be repaid if the corporation needed the money for its business operations. Held, the withdrawals were not loans, but distributions of property made by a corporation with respect to its stock.
Read the full summary
In 1968, Ellsworth C. Holman withdrew $14,250 from After Hours, Inc., a corporation in which he was a fifty percent shareholder. The withdrawals were to be repaid if the corporation needed the money for its business operations. Held, the withdrawals were not loans, but distributions of property made by a corporation with respect to its stock. Section 301, I.R.C. 1954. Ellsworth C. Holman advanced funds to his son-in-law and nephew in 1968. He also alleged that a former business associate signed a note in consideration for dropping criminal charges for embezzled checks. Held, none of the…
1Opinion of the Court
ELLSWORTH C. HOLMAN and GWEN HOLMAN, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
AFTER HOURS, INC., Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Holman v. Commissioner
Docket Nos. 1299-72, 1300-72.
United States Tax Court
T.C. Memo 1973-279; 1973 Tax Ct. Memo LEXIS 6; 32 T.C.M. (CCH) 1323; T.C.M. (RIA) 73279;
December 26, 1973, Filed.
In 1968, Ellsworth C. Holman withdrew $14,250 from After Hours, Inc., a corporation in which he was a fifty percent shareholder. The withdrawals were to be repaid if the corporation needed the money for its business operations. Held, the…
2Cases cited29 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Wichita Term. El. Co. v. Commissioner of Int. R.Court of Appeals for the Tenth Circuit · 1947
- Beaver v. CommissionerUnited States Tax Court · 1970
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Helvering v. F. & R. Lazarus & Co.Supreme Court of the United States · 1939
24 more not listed; retrieve them via the Exa API.