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TOLLEFSEN v. C. I. R.

No. 582, Docket 34203.

431 F.2d 511 (1970)

George R. TOLLEFSEN and Margaret A. Tollefsen, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Second Circuit.

Decided June 19, 1970.

Attorney(s) appearing for the Case

Murray Kurman, New York City, for appellants.

William K. Hogan, Atty., Dept. of Justice, Washington, D. C. (Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson and William Massar, Attys., Dept. of Justice, Washington, D. C., of counsel), for appellee.

Before MOORE and SMITH, Circuit Judges, and WEINFELD, District Judge.

MOORE, Circuit Judge:

On this appeal we are asked to review the determination of the Tax Court that the withdrawals by George R. Tollefsen from Tollefsen Manufacturing Corp., the wholly-owned subsidiary of Tollefsen Brothers, Inc., which in turn was owned by Tollefsen and his wife (taxpayers), were taxable dividends and not loans.

The facts were fully developed at an evidentiary proceeding before Judge Raum and in...

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