Shaken v. Commissioner
United States Tax Court
Certain amounts withdrawn from corporation by sole stockholder and his wife held on the facts to be loans and not dividends.
1Opinion of the Court
OPINION.
Opper, Judge:
The sole issue as to whether withdrawals from petitioner’s corporation were loans or disguised dividends is purely one of fact as'both parties agree. Wiese v. Commissioner, (C. A. 8, 1938) 93 F. 2d 921, 923, certiorari denied 304 U. S. 562, rehearing denied 304 U. S. 589. Our ultimate finding disposes of the question in petitioner’s favor for reasons some of which we set forth in greater detail.
From the inception of Victor International Corporation in 1946 until its liquidation in 1950, both petitioner and his wife maintained running “loan accounts” with the corporation:…
2Cases cited3 opinions
- Wiese v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1938
- Bush v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1943
- Clark v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1936
3Cited by7 opinions
- Jonathan B. Geftman v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1998
- Alterman Foods, Inc. v. United StatesUnited States Court of Claims · 1979
- Estate of Miller v. CommissionerUnited States Tax Court · 1978
- Gamble Constr. Co. v. CommissionerUnited States Tax Court · 1978
- Geftman v. Comm IRSCourt of Appeals for the Third Circuit · 1998
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