Millsap v. Commissioner
United States Tax Court
Held: 1. Advances by petitioner to a controlled corporation were nonbusiness debts. (a) Petitioner was not in the trade or business of promoting corporations for a fee or commission. (b) Petitioner was not in the trade or business of promoting corporations for a profit on their sale. (c) Petitioner was not in the trade or business of lending money.
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Held: 1. Advances by petitioner to a controlled corporation were nonbusiness debts. (a) Petitioner was not in the trade or business of promoting corporations for a fee or commission. (b) Petitioner was not in the trade or business of promoting corporations for a profit on their sale. (c) Petitioner was not in the trade or business of lending money. (d) The advances were not proximately related to any separate trade or business of the petitioner distinct from that of the corporation. 2. Petitioner is not entitled to a casualty loss deduction in excess of insurance proceeds as the result of the…
1Opinion of the Court
FoReestbR, Judge:
The respondent determined deficiencies in the income tax of the petitioners as follows:
Year Amount
1957 _$2,48,7.47
1958 _ 20,187.37
1959 _ 3,280.14
1960 _ 1,569.65
Respondent determined that petitioners are entitled to a net operating loss carryback deduction in 1958 from 1961 in the amount of $7,197.33. In determining the amount of such carryback deduction respondent disallowed deductions of $177.26 for interest and $379.95 for contributions which were claimed in petitioners’ return for 1961. Petitioners alleged error in their petition on these issues, but they offered no…
2Cases cited30 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Burnet v. HoustonSupreme Court of the United States · 1931
- Whipple v. CommissionerSupreme Court of the United States · 1963
- Putnam v. CommissionerSupreme Court of the United States · 1956
- Eckert v. BurnetSupreme Court of the United States · 1931
25 more not listed; retrieve them via the Exa API.
3Cited by140 opinions
- Zmuda v. CommissionerUnited States Tax Court · 1982
- I. Hal Millsap, Jr., and Frances Millsap v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1968
- Lamphere v. CommissionerUnited States Tax Court · 1978
- Pfalzgraf v. CommissionerUnited States Tax Court · 1977
- Gould v. CommissionerUnited States Tax Court · 1975
135 more not listed; retrieve them via the Exa API.