241 Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent, 242 F.2d 759 (2d Cir. 1957)
Annotate this CaseDecided March 28, 1957
Petition to review a decision of the Tax Court; Stephen E. Rice, Judge.
The Tax Court disallowed deductions claimed as interest paid on indebtedness under Internal Revenue Code of 1939, Section 23(b), 26 U.S.C.A. § 23(b), holding that advances made by stockholders to the taxpayer corporation were capital contributions rather than loans. T.C. Memo. 1956-174.
Bernard Weiss, New York City, for petitioner.
Charles K. Rice, Asst. Atty. Gen. (Lee A. Jackson and Morton K. Rothschild, Attorneys, Department of Justice, Washington, D. C.,), for respondent.
Before MEDINA and WATERMAN, Circuit Judges, and GALSTON, District Judge.
PER CURIAM.
Affirmed on the findings of fact and opinion of Judge Rice, T.C.Memo. 1956-174.
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