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IN RE INDIAN LAKE ESTATES, INC.

No. 30960.

448 F.2d 574 (1971)

In the Matter of INDIAN LAKE ESTATES, INC., Bankrupt. UNITED STATES of America, Appellant, v. Ernest L. STEWART, Trustee, Appellee.

United States Court of Appeals, Fifth Circuit.

September 14, 1971.

Attorney(s) appearing for the Case

Johnnie M. Walters, Asst. Atty. Gen., Meyer Rothwacks, Crombie J. D. Garrett, Karl Schmeidler, Gary R. Allen, Attys., Tax Div., Dept. of Justice, Washington, D. C., John L. Briggs, U. S. Atty., Jacksonville, Fla., for appellant.

Don M. Stichter, Tampa, Fla., for appellee.

Before GODBOLD, SIMPSON and CLARK, Circuit Judges.

CLARK, Circuit Judge:

An issue familiar to tax litigation — whether funds supplied to a business are, in substance, debt or equity — arises in an unusual context in the present appeal. The trustee of a bankrupt corporation challenges the validity of priority tax claims filed by the United States.1 The challenged claims were based upon deficiency assessments by the Commissioner of Internal Revenue which disallowed corporate...

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