Legal Opinion
Electronic Modules Corporation v. The United States
Court of Appeals for the Federal Circuit
Decided December 15, 1982No. Appeal 179-77PublishedCited by 8 opinions
1Opinion of the Court
FRIEDMAN, Circuit Judge.
This appeal from the United States Claims Court * presents the oft-recurring question whether advances by a stockholder to its corporation constituted debt or equity. Here a corporation made advances to its wholly owned subsidiary. When it subsequently liquidated the subsidiary and determined that the assets it received from the subsidiary were virtually worthless, the corporation took a bad debt deduction for the advances. The Internal Revenue Service (the Service) disallowed the deduction, ruling that the advances were not loans to, but equity investments in, the…
2Cases cited10 opinions
- John Kelley Co. v. CommissionerSupreme Court of the United States · 1946
- Fin Hay Realty Co. v. United StatesCourt of Appeals for the Third Circuit · 1968
- Secretary of Agriculture v. Central Roig Refining Co.Supreme Court of the United States · 1950
- Benjamin D. And Madeline Prentice Gilbert, on Review v. Commissioner of Internal Revenue, on ReviewCourt of Appeals for the Second Circuit · 1959
- Jack Daniel Distillery, Lem Motlow, Prop., Inc. v. The United StatesUnited States Court of Claims · 1967
5 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Texas Farm Bureau v. United StatesCourt of Appeals for the Fifth Circuit · 1984
- David R. Webb Company, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1983
- Sheldon G. Adelson and Sandra Adelson v. The United StatesCourt of Appeals for the Federal Circuit · 1984
- Electronic Modules Corporation v. The United StatesCourt of Appeals for the Federal Circuit · 1983
- Adelson v. United StatesUnited States Court of Claims · 1984
3 more not listed; retrieve them via the Exa API.