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IMPERIAL CAR DISTRIBUTORS, INC. v. C. I. R.

Nos. 18083-18085.

427 F.2d 1334 (1970)

IMPERIAL CAR DISTRIBUTORS, INC., Appellant, v. COMMISSIONER OF INTERNAL REVENUE. Frederic ROYSTON and Toby L. Royston, Appellants, v. COMMISSIONER OF INTERNAL REVENUE. IMPERIAL CAR DISTRIBUTORS, INC., Appellant, v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals, Third Circuit.

Decided June 23, 1970.

Attorney(s) appearing for the Case

Clement J. Clarke, Jr., Pepper, Hamilton & Scheetz, Philadelphia, Pa., for appellants.

Thomas L. Stapleton, Dept. of Justice, Tax Division, Washington, D. C., for appellee.

Before SEITZ and ALDISERT, Circuit Judges and LATCHUM, District Judge.

OPINION OF THE COURT

ALDISERT, Circuit Judge.

Appellants here are the corporate taxpayer, Imperial Car Distributors, Inc., and its stockholder-taxpayers, Frederic and Toby Royston. At issue is the tax treatment of monies received by the Roystons as noteholders from Imperial. Appellants contend that these payments were in satisfaction of corporate indebtedness and thus reportable as capital gains to the noteholders...

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