John R. Collins, II v. United States

This appeal requires that we consider whether the district court, presented with cross-motions for summary judgment on stipulated facts, was correct when it granted summary judgment for the United States in these consolidated income tax refund suits.

The question involved is whether (A) Bencap, Inc., a corporate entity formed for the single purpose of obtaining a temporary loan during construction of an apartment project — because the only loan money available would have been at a usurious rate under state law if made to the individuals carrying out the project — was a taxable entity required…