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WHEELER v. COMMISSIONER OF INTERNAL REVENUE

Nos. 3-6, Dockets 23839-23842.

241 F.2d 883 (1957)

Robert C. WHEELER, Wesley L. Wheeler, Howard E. Wheeler and Eugene M. Wheeler, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided February 25, 1957.

Attorney(s) appearing for the Case

McGuigan & Kilcullen, New York City (Richard Kilcullen, New York City, of counsel), for petitioners.

Charles K. Rice, Acting Asst. Atty. Gen. (Lee A. Jackson, Robert N. Anderson and L. W. Post, Attys., Dept. of Justice, Washington, D. C., of counsel on the brief), for respondent.

Before CLARK, Chief Judge, and LUMBARD and WATERMAN, Circuit Judges.

PER CURIAM.

This appeal raises two main issues: (1) Whether shareholders and shareholder-officers who advance money to the corporation, thereby creating bona fide debts, may obtain business bad debt deductions under § 23(k), Internal Revenue Code of 1939, when the corporation becomes unable to pay its debts; (2) whether a loss on the shareholders' guaranties of the corporation's debts to a third party is deductible as...

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