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DU GRO FROZEN FOODS, INC. v. UNITED STATES

No. 73-1344 Summary Calendar.

481 F.2d 1271 (1973)

DU GRO FROZEN FOODS, INC., et al., Plaintiffs-Appellants, v. UNITED STATES of America, Defendant-Appellee.

United States Court of Appeals, Fifth Circuit.

July 23, 1973.

Attorney(s) appearing for the Case

Richard G. Tisinger, David H. Tisinger, Carrollton, Ga., for plaintiffs-appellants.

Scott P. Crampton, Asst. Atty. Gen., Meyer Rothwacks, Atty., Tax Div., U. S. Dept. of Justice, Washington, D. C., John W. Stokes, Jr., U. S. Atty., William D. Mallard, Jr., Asst. U. S. Atty., Atlanta, Ga., Jerome Fink, Lawrence R. Jones, Jr., U. S. Dept. of Justice, Washington, D. C., for defendant-appellee.

Before WISDOM, AINSWORTH and CLARK, Circuit Judges.

PER CURIAM:

In this tax refund suit the issue we must decide is the familiar one whether pro rata advances by three shareholders to their corporation, Du Gro Frozen Foods, Inc., were debt or equity. We agree with the reasoning of the district court, expressed in an opinion published in 73-1 U.S. Tax Cases ¶ 9164 (Commerce Clearing House), which denied the refunds by holding that the advances by the shareholders were contributions to capital (equity) and not loans...

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