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PIEDMONT MINERALS COMPANY v. UNITED STATES

No. 13677.

429 F.2d 560 (1970)

PIEDMONT MINERALS COMPANY, Inc., Appellee, v. UNITED STATES of America, Appellant.

United States Court of Appeals, Fourth Circuit.

Decided July 29, 1970.

Attorney(s) appearing for the Case

Stanley L. Ruby, Atty., Dept. of Justice (Johnnie M. Walters, Asst. Atty. Gen., Lee A. Jackson, Jonathan S. Cohen, Attys., Dept. of Justice, and William H. Murdock, U. S. Atty., on brief), for appellant.

Norman Block, Greensboro, N. C. (A. L. Meyland and Harry Rockwell, and Block, Meyland & Lloyd, Greensboro, N. C., on brief), for appellee.

Before HAYNSWORTH, Chief Judge, and WINTER and BUTZNER, Circuit Judges.

HAYNSWORTH, Chief Judge:

In this appeal we are faced with the oft-litigated question of whether advances made to a corporation by its principal stockholders constituted capital or debt for federal income tax purposes. The district court found the advances to be debt, and we affirm.

The historical facts are undisputed.

In 1934 John A. Boren and E. M. Harvey organized a small manufacturing plant to produce refractory products. This business, incorporated...

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