McMinn v. Commissioner
United States Tax Court
1. Advances made to corporation by its president and sole stockholder and subsequently transferred from loans payable account to capital surplus account at the stockholder's request and to obtain bank credit for the corporation represent contibutions of equity capital and not loans.
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1. Advances made to corporation by its president and sole stockholder and subsequently transferred from loans payable account to capital surplus account at the stockholder's request and to obtain bank credit for the corporation represent contibutions of equity capital and not loans. Subsequent repayment of the advances to the stockholder were constructive dividends, taxable as such, rather than repayment of loans. 2. Corporation held not liable for the accumulated earnings tax imposed by section 531, I.R.C. 1954, for the years 1954 and 1955, but liable for the surtax for the years 1956 and…
1Opinion of the Court
Walter C. McMinn, Jr., and Lucretia McMinn v. Commissioner. McMinn's Industries, Inc. v. Commissioner.
McMinn v. Commissioner
Docket Nos. 85624, 85625.
United States Tax Court
T.C. Memo 1962-165; 1962 Tax Ct. Memo LEXIS 144; 21 T.C.M. (CCH) 913; T.C.M. (RIA) 620165;
June 29, 1962
1. Advances made to corporation by its president and sole stockholder and subsequently transferred from loans payable account to capital surplus account at the stockholder's request and to obtain bank credit for the corporation represent contibutions of equity capital and not loans. Subsequent repayment of the advances to…
2Cases cited21 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Helvering v. National Grocery Co.Supreme Court of the United States · 1938
- Gooding Amusement Co. v. CommissionerUnited States Tax Court · 1954
- Benjamin D. And Madeline Prentice Gilbert, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1959
- Dixie, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1960
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