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SPHEERIS v. C. I. R.

No. 13093.

284 F.2d 928 (1960)

Andrew M. SPHEERIS and Ismene A. Spheeris, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Seventh Circuit.

Rehearing Denied January 25, 1961.

Attorney(s) appearing for the Case

Maurice Weinstein, Milwaukee, Wis., for petitioners.

Joseph W. Townsend, Chicago, Ill., John Potts Barnes, MacLeish, Spray, Price & Underwood, Chicago, Ill., for amicus curiae.

Charles K. Rice, Asst. Atty. Gen., Charles B. E. Freeman, Lee A. Jackson, A. F. Prescott, Attys., Dept. of Justice, Washington, D. C., for respondent.

Before HASTINGS, Chief Judge, and SCHNACKENBERG and CASTLE, Circuit Judges.

HASTINGS, Chief Judge.

This petition to review a decision of the Tax Court of the United States raises one central issue — the legal characterization for income tax purposes of certain payments made by Milwaukee Towne Corporation (Towne) to taxpayer Andrew M. Spheeris. Spheeris and his wife Ismene, joint taxpayers and petitioners, here contend that such payments were loans by the corporation to them and as such were...

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