U.S. Court of Appeals for the Third Circuit, 1960

Zephyr Mills, Inc. v. Commissioner of Internal Revenue

U.S. Court of Appeals for the Third Circuit · Decided May 13, 1960 · Per Curiam

279 F.2d 494; 5 A.F.T.R.2d (RIA) 1450; 1960 U.S. App. LEXIS 4567 (Federal Reporter, Second Series)

Counsel

Joseph J. Brown, Philadelphia, Pa., for petitioner., Harry Marselli, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Harold M. Seidel, Attys. Dept, of Justice, Washington, D. C., on the brief), for respondent.

Cases that cite this one

4 later published cases cite this decision.

Foresun, Inc. v. Commissioner (United States Tax Court 1964)
Sherwood Memorial Gardens, Inc. v. Commissioner (United States Tax Court 1964)
Motel Co. v. Commissioner (United States Tax Court 1963)
P. M. Finance Corporation v. Commissioner of Internal Revenue (3d Cir. 1962)

This list shows which later cases cite this one. It does not say how they treated it, and no review of that has been done. Not a substitute for Shepard’s or KeyCite — verify before relying.

Opinion

PER CURIAM.

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.

Case-law data current through December 31, 2025. Source: CourtListener bulk data.