Beckley v. Comm'r
United States Tax Court
Petitioner wife lent funds to a corporation in which petitioner husband was a shareholder. The corporation used the borrowed funds to develop a working model of Web-based video conferencing software. The corporation, however, had financial problems and was dissolved, and the working model was transferred to a second corporation in which petitioner husband was a shareholder. In 2001 and 2002, the second corporation made payments to petitioner wife.
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Petitioner wife lent funds to a corporation in which petitioner husband was a shareholder. The corporation used the borrowed funds to develop a working model of Web-based video conferencing software. The corporation, however, had financial problems and was dissolved, and the working model was transferred to a second corporation in which petitioner husband was a shareholder. In 2001 and 2002, the second corporation made payments to petitioner wife. Petitioners treated a portion of the payments petitioner wife received as taxable interest income and the balance as nontaxable repayment of funds…
1Opinion of the Court
ALAN BECKLEY AND VIRGINIA JOHNSTON BECKLEY, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Beckley v. Comm'r
No. 4722-06
United States Tax Court
130 T.C. 325; 2008 U.S. Tax Ct. LEXIS 18; 130 T.C. No. 18;
June 30, 2008, Filed
Petitioner wife lent funds to a corporation in which petitioner husband was a shareholder. The corporation used the borrowed funds to develop a working model of Web-based video conferencing software. The corporation, however, had financial problems and was dissolved, and the working model was transferred to a second corporation in which petitioner husband was a…
2Cases cited8 opinions
- Falsetti v. CommissionerUnited States Tax Court · 1985
- Magnon v. CommissionerUnited States Tax Court · 1980
- Meridian Wood Products Co., Inc., a Corporation v. United States of America, Harry F. Lenton and Colleen Lenton v. United StatesCourt of Appeals for the Ninth Circuit · 1984
- Feldman v. McGuireOregon Supreme Court · 1899
- Golden v. GoldenOregon Supreme Court · 1975
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