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FAIRCHILD v. COMMISSIONER OF INTERNAL REVENUE

No. 71-1481.

462 F.2d 462 (1972)

Sidney W. FAIRCHILD, Appellant, v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals, Third Circuit.

Decided May 22, 1972.

Attorney(s) appearing for the Case

Emmanuel Liebman, Cherry Hill, N. J. (Emmanuel Liebman, A P. C., Cherry Hill, N. J., David E. Crabtree, Farr, Reifsteck, Wolf & Crabtree, A P. C., Haddon Heights, N. J., on the brief), for appellant.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Dept. of Justice, Tax Div., Washington, D. C. (Thomas L. Stapleton, Gary R. Allen, Attys., Tax Div., Dept. of Justice, Washington, D. C., on the brief), for appellee.

Before HASTIE and GIBBONS, Circuit Judges and BECKER, District Judge.

OPINION OF THE COURT

PER CURIAM:

This is an appeal from a decision of the Tax Court sustaining an assessment of an income tax deficiency.

The taxability of amounts that the Commissioner added to taxpayer's reported income depended upon the legal conception that money, advanced to a taxpayer by another and used as the taxpayer's own, is income to the taxpayer rather than a tax free loan, if at the time of receipt he had no intention to make repayment...

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