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GILBERT v. COMMISSIONER OF INTERNAL REVENUE

No. 331, Docket 24469.

248 F.2d 399 (1957)

Benjamin D. and Madeline Prentice GILBERT, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided September 26, 1957.

Attorney(s) appearing for the Case

Francis E. H. Davies, New York City (Fred R. Tansill and Goodwin, Rosenbaum, Meacham & White, Washington, D. C., of counsel), for petitioners.

Charles K. Rice, Asst. Atty. Gen., Hilbert P. Zarky and Fred E. Youngman, Attys., Dept. of Justice, Washington, D. C. (Joseph Goetten, Washington, D. C., of counsel), for respondent.

Before HAND, MEDINA and WATERMAN, Circuit Judges.

MEDINA, Circuit Judge.

This case presents a recurrent problem in the income tax field, namely whether advances by a taxpayer to his corporation will be treated as loans for tax purposes.

The facts are fully stated in the findings and opinion of the Tax Court, 15 T.C.M. 688, but the following abbreviated summary will serve as background to the ensuing discussion. The critical question in the case is: what is the principle to be applied by the finder of the...

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