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AUSTIN VILLAGE, INC. v. UNITED STATES

No. 19538.

432 F.2d 741 (1970)

AUSTIN VILLAGE, INC., Plaintiff-Appellee, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Sixth Circuit.

September 29, 1970.

Attorney(s) appearing for the Case

Stanley R. Ruby, Department of Justice, Washington, D. C., Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Jonathan S. Cohen, Atty., Department of Justice, Washington, D. C., on the brief; Bernard J. Stuplinski, U. S. Atty., Cleveland, Ohio, of counsel, for appellant.

George I. Meisel, Cleveland, Ohio, Stephen J. Alfred, Squire, Sanders & Dempsey, Cleveland, Ohio, on the brief, for appellee.

Before EDWARDS, PECK, and McCREE, Circuit Judges.

McCREE, Circuit Judge.

The sole issue we review in this appeal is whether certain advances to plaintiff-appellee corporation by its shareholders represented contributions to capital or were loans. If, as the District Judge held, the advances were loans, plaintiff is entitled to deduct accrued interest thereon pursuant to 26 U.S.C. § 163(a)1 in computing its federal income tax liability.2

The District...

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