Zephyr Mills, Inc. v. Commissioner of Internal Revenue
U.S. Court of Appeals for the Third Circuit
Zephyr Mills, Inc. v. Commissioner of Internal Revenue, 279 F.2d 494 (3d Cir. 1960)
5 A.F.T.R.2d (RIA) 1450; 1960 U.S. App. LEXIS 4567
Per Curiam
Zephyr Mills, Inc. v. Commissioner of Internal Revenue
Opinion
The Tax Court found that advances made to the petitioner corporation represented contributions to its equity capital rather than bona fide loans and that *495 consequently they did not qualify as interest expense under Section 23(b) of the Internal Revenue Code of 1939, 26 U.S.C.A. § 23(b).
Upon review of the record we are unable to say that the Tax Court’s finding was clearly erroneous.
The decision of the Tax Court will be affirmed.
Reference
- Full Case Name
- ZEPHYR MILLS, INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
- Cited By
- 7 cases
- Status
- Published