Zephyr Mills, Inc. v. Commissioner of Internal Revenue
279 F.2d 494, 5 A.F.T.R.2d (RIA) 1450, 1960 U.S. App. LEXIS 4567
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.
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Zephyr Mills, Inc. v. Commissioner of Internal Revenue, 279 F.2d 494, 5 A.F.T.R.2d (RIA) 1450, 1960 U.S. App. LEXIS 4567 (3d Cir. 1960).
279 F.2d 494 (Zephyr Mills, Inc. v. Commissioner of Internal Revenue) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
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