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FELLINGER v. UNITED STATES

Nos. 16391, 16392, 16644, 16645.

363 F.2d 826 (1966)

Herold FELLINGER and Clara Fellinger, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. Maurice BERNSTEIN and Irene Bernstein, Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee. The HIPPODROME BUILDING CO., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent. Edwin I. BAMBERGER and Rita Bamberger, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

August 5, 1966.

Attorney(s) appearing for the Case

Henry C. Harvey, Cleveland, Ohio, Bruce J. Havighurst, Jones, Day, Cockley & Reavis, Cleveland, Ohio, Elmer J. Babin, Cleveland, Ohio, on brief, for appellants and petitioners.

Lawrence B. Silver, Department of Justice, Washington, D. C., John B. Jones, Jr., Acting Asst. Atty. Gen., Lee A. Jackson, Joseph Kovner, Attorneys, Department of Justice, Washington, D. C., on brief; Merle M. McCurdy, U. S. Atty., Cleveland, Ohio, of counsel, for appellee and respondent.

Before O'SULLIVAN and CELEBREZZE, Circuit Judges, and CECIL, Senior Circuit Judge.

O'SULLIVAN, Circuit Judge.

The question involved is whether $350,000 advanced by taxpayer-appellants Fellinger, Bernstein and Bamberger to taxpayer-appellant The Hippodrome Building Company, a corporation, in exchange for its debentures in substantially that face amount, was a bona fide loan to the company or was an investment of equity capital. The taxpayers treated the debentures as evidence of debt; the holders thereof treated the interest paid thereon as taxable...

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