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COMTEL CORPORATION v. C. I. R.

No. 215, Docket 30791.

376 F.2d 791 (1967)

COMTEL CORPORATION et al., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Second Circuit.

Decided May 4, 1967.

Attorney(s) appearing for the Case

George G. Tyler, New York City (Cravath, Swaine & Moore, David G. Ormsby, New York City, on the brief), for petitioners.

Crombie J. D. Garrett, Washington, D. C. (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson, Harold C. Wilkenfeld, Washington, D. C., on the brief), for respondent.

Before FRIENDLY, ANDERSON and FEINBERG, Circuit Judges.

FEINBERG, Circuit Judge.

This is an appeal from a decision of the Tax Court, 45 T.C. 294 (1965), holding Comtel Corporation and various transferees of its assets in liquidation liable for an income tax deficiency of $215,621.33.1 The Tax Court held that the substance of the sole transaction Comtel engaged in during its corporate life was a loan, although the form...

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