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ROGERS v. C. I. R.

No. 7991.

281 F.2d 233 (1960)

Florence L. ROGERS, and Joe W. Stout and Eudora Stout, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Fourth Circuit.

Decided July 13, 1960.

Attorney(s) appearing for the Case

N. A. Townsend, Jr., Raleigh, N. C. (J. O. Tally, Jr., Fayetteville, N. C., Herman Wolff, Jr., Poyner, Geraghty, Hartsfield & Townsend, Raleigh, N. C., and Tally, Tally & Taylor, Fayetteville, N. C., on the brief), for petitioners.

Stanley Worth, Washington, D. C. (Edward S. Smith, and Blair, Korner, Doyle & Worth, Washington, D. C., on the brief), amici curiae and as counsel for R. A. Bryan and wife and C. B. McNairy and wife in No. 8032.

Rita E. Hauser, Atty., Dept. of Justice, Washington, D. C. (Charles K. Rice, Asst. Atty. Gen., and Lee A. Jackson and Harry Baum, Attys., Dept. of Justice, Washington, D. C., on the brief), for respondent.

Before SOBELOFF, Chief Judge, and HAYNSWORTH and BOREMAN, Circuit Judges.

HAYNSWORTH, Circuit Judge.

I

The principal question tendered is the tax consequence of the payment by a partnership to some of its partners of salaries, out of borrowed funds, which results in an impairment of the partnership capital account. Under the particular circumstances, the Tax Court held that the salaries were taxable to the recipients except to the extent they represented a return of capital actually contributed, and that the partners could deduct...

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