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HARDEE v. UNITED STATES

Appeal No. 84-79.

708 F.2d 661 (1983)

W.L. HARDEE and Elnora L. Hardee, Appellants, v. The UNITED STATES, Appellee.

United States Court of Appeals, Federal Circuit.

May 11, 1983.

Attorney(s) appearing for the Case

Michael W. Fisher, Jacksonville, Fla., argued for appellant. With him on the brief was John S. Ball, Jacksonville, Fla.

Theodore D. Peyser, Jr., Washington, D.C., argued for appellee. With him on the brief were Glenn L. Archer, Jr., Asst. Atty. Gen., Donald H. Olson and Kevin B. Shea, Washington, D.C.

Before MARKEY, Chief Judge, and NICHOLS, BALDWIN, KASHIWA and NIES, Circuit Judges.

NICHOLS, Circuit Judge.

This case is before the court on appeal from a judgment* of the United States Claims Court in which the trial judge held that an interest-free loan from a closely-held corporation to its majority shareholder and president results in taxable income to this borrower. The trial judge thus refused to follow the well-entrenched principle of tax law that such loans do not result in taxable gain to the borrower. First...

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