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MIDLAND DISTRIBUTORS, INC. v. UNITED STATES

No. 72-3019.

481 F.2d 730 (1973)

MIDLAND DISTRIBUTORS, INC., Plaintiff-Appellant, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

July 11, 1973.

Attorney(s) appearing for the Case

Stephen T. Dean, Charles H. Egerton, Orlando, Fla., for plaintiff-appellant.

Scott P. Crampton, Asst. Atty. Gen., Tax Div., Dept. of Justice, Meyer Rothwacks, Jay R. Weill, Attys., Robert S. Watkins, Asst. U. S. Atty., Washington, D. C., John L. Briggs, U. S. Atty., Jacksonville, Fla., for defendant-appellee.

Before AINSWORTH, GODBOLD and CLARK, Circuit Judges.

AINSWORTH, Circuit Judge:

Midland Distributors, Inc. sued the United States for a refund of income taxes following payment under protest of an assessed deficiency. At issue on appeal are questions whether certain advances by Midland to corporations should be treated as equity capital rather than indebtedness and whether upon liquidation of the corporations when the advances were unrecoverable they should be charged as ordinary rather than capital losses. We affirm...

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