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MOTEL COMPANY v. C.I.R.

No. 11, Docket 28709.

340 F.2d 445 (1965)

The MOTEL COMPANY, Petitioner, v. The COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided January 18, 1965.

Attorney(s) appearing for the Case

Monroe J. Winsten, New York City, for petitioner.

Lawrence B. Silver, Atty., Dept. of Justice, Washington, D. C. (Louis F. Oberdorfer, Asst. Atty. Gen., Lee A. Jackson, and Harry Baum, Attys., Dept. of Justice, on the brief), for respondent.

Before LUMBARD, Chief Judge, and HAYS and MARSHALL, Circuit Judges.

MARSHALL, Circuit Judge:

Taxpayer, The Motel Company, was organized on May 24, 1955 and four days later it acquired the Rip Van Winkle Motel in New Haven for $260,000. $107,200 was paid in cash, which was derived from the initial capital contribution of $10,000 and a purported $100,000 loan from Harry Shwartz, father of Leonard Shwartz, President and virtually sole stockholder of taxpayer. Harry Shwartz was neither a stockholder of record, a director nor an officer...

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