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GILBERT v. COMMISSIONER

Docket No. 49422.

15 T.C.M. 688 (1956)

T.C. Memo. 1956-137

Benjamin D. Gilbert and Madeline P. Gilbert v. Commissioner.

United States Tax Court.

Filed June 12, 1956.

Attorney(s) appearing for the Case

Fred R. Tansill, Esq., and Francis H. Davies, Esq., for the petitioners. Nathan M. Silverstein, Esq., for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined a deficiency in petitioners' income tax for the calendar year 1948 in the amount of $48,518.65. The issues presented are (1) whether certain advances made by petitioners to a corporation and its subsidiaries in 1946, 1947 and 1948 were loans or capital contributions; (2) if the advances were loans when made, was the loss arising from the worthlessness of the debts in 1948 incurred in petitioners...

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