BUSCH v. C.I.R.

No. 83-1920.

728 F.2d 945 (1984)

Richard E. BUSCH Jr. & Jean N. Busch, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided March 1, 1984.


Attorney(s) appearing for the Case

Randall S. Goulding, Chicago, Ill., for petitioners-appellants.

Bruce R. Ellisen, Atty., Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before ESCHBACH and FLAUM, Circuit Judges, and SWYGERT, Senior Circuit Judge.


FLAUM, Circuit Judge.

This appeal raises the issue of whether certain withdrawals made by a taxpayer from his wholly-owned corporation should be treated as loans or dividends in determining the taxpayer's income tax liability. The Tax Court determined that the amounts withdrawn were taxable as dividends. For the reasons stated below, we affirm the Tax Court.

I.

Appellant Richard E. Busch Jr.1 is the sole stockholder,...

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