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GILBERT v. C. I. R.

No. 102, Docket 25246.

262 F.2d 512 (1959)

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

United States Court of Appeals Second Circuit.

Decided January 14, 1959.

Attorney(s) appearing for the Case

Fred R. Tansill, Washington, D. C. (Francis E. H. Davies, Goodwin, Rosenbaum, Meacham & White, Washington, D. C., on the brief), for Petitioners on Review.

Melvin L. Lebow, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., Lee A. Jackson, Harry Baum, Hilbert P. Zarky, Fred E. Youngman, Attys., Dept. of Justice, Washington, D. C., on the brief), for Respondent on Review.

Before HINCKS, LUMBARD and MOORE, Circuit Judges.

MOORE, Circuit Judge.

This is a petition for review of a decision of the Tax Court, entered January 23, 1958, which sustained the Commissioner's determination of deficiency in the income tax of Benjamin D. and Madeline P. Gilbert for the calendar year 1948 in the amount of $48,518.65. The Tax Court's decision was based on a finding that advances made by Benjamin to a corporation of which he was a stockholder were capital contributions and not loans for which a deduction...

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