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MILLS v. I.R.S.

No. 86-2598.

840 F.2d 229 (1988)

John T. MILLS; Priscilla T. Mills; Ellis Hosiery Mills, Inc., Petitioners-Appellants, v. INTERNAL REVENUE SERVICE, Respondent — Appellee.

United States Court of Appeals, Fourth Circuit.

Decided February 16, 1988.

Attorney(s) appearing for the Case

G. Gray Wilson (James M. Iseman, Jr., Timothy J. Ehlinger, Petree, Stockton & Robinson, Winston-Salem, N.C., on brief), for petitioners-appellants.

Roger M. Olsen, Asst. Atty. Gen. (Michael L. Paup, Ann Belanger Durney, Nancy G. Morgan, Washington, D.C., on brief), for respondent-appellee.

Before WIDENER and SPROUSE, Circuit Judges, and HAYNSWORTH, Senior Circuit Judge.

HAYNSWORTH, Senior Circuit Judge:

This tax controversy arose out of the transfer by one corporation to a related corporation of $500,000, only $300,000 of which was repaid. Upon an audit of the income tax return of the transferor, the Commissioner disallowed a claimed bad debt deduction for the uncollected $200,000 upon the theory that the transfer of the $500,000 had not created a creditor-debtor relationship but was a contribution to the capital of the transferee...

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