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COVEY INVESTMENT COMPANY v. UNITED STATES

No. 8706.

377 F.2d 403 (1967)

COVEY INVESTMENT COMPANY, Appellant, v. UNITED STATES of America, Appellee.

United States Court of Appeals Tenth Circuit.

May 12, 1967.

Attorney(s) appearing for the Case

Lynn S. Richards and Harold H. Hart, Salt Lake City, Utah (Lon Rodney Kump, Salt Lake City, Utah, on the brief), for appellant.

William A. Friedlander, Attorney, Department of Justice (Mitchell Rogovin, Asst. Atty. Gen., Lee A. Jackson and David O. Walter, Washington, D. C., Attorneys, and William T. Thurman, U. S. Atty., of counsel, on the brief), for appellee.

Before LEWIS, BREITENSTEIN and HICKEY, Circuit Judges.

DAVID T. LEWIS, Circuit Judge.

The question presented is whether the District Court for the District of Utah erred in holding that certain notes executed by the appellant taxpayer represented equity investments rather than corporate debts during the tax years 1959-1962. Taxpayer during the subject years had deducted from its annual gross income amounts designated as interest on an indebtedness of $365,000, asserted to exist in the outstanding and overdue notes.

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