Memorandum Opinion
ARUNDELL, Judge:
A deficiency in income tax of $602.23 was determined for the calendar year 1939. The question in issue is whether advances, totaling $2,500, made to Each Week, Inc. are to be treated as loans or capital advances. The facts were stipulated. The return was filed in the 28th district of New York.
[The Facts]
Petitioner was the owner of 30 shares of Each Week, Inc. out of 1,024 shares outstanding and...
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