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BEATON v. C. I. R.

No. 81-1135.

664 F.2d 315 (1981)

Colin F. and Eleanor M. BEATON, Appellees, v. COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, First Circuit.

Decided November 23, 1981.

Attorney(s) appearing for the Case

James F. Miller, Atty., Tax Division, Dept. of Justice, Washington, D. C., with whom John F. Murray, Acting Asst. Atty. Gen., Michael L. Paup and Jonathan S. Cohen, Attys., Tax Division, Dept. of Justice, Washington, D. C., were on brief, for appellant.

Before CAMPBELL, VAN DUSEN, and BOWNES, Circuit Judges.

PER CURIAM.

The present appeal by the Commissioner results from the Tax Court's decision of September 22, 1980, holding that an interest-free loan from a corporation of which the taxpayer was president did not constitute taxable income under section 61 of the Internal Revenue Code, 26 U.S.C. § 61, in the amount of the interest which would have been charged in an arm's length transaction. The Tax Court relied upon its earlier decisions in Dean v. Commissioner...

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