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ACKERSON v. UNITED STATES

Civ. A. No. 5079.

277 F.Supp. 475 (1967)

Louis E. ACKERSON and Sarah M. Ackerson, Plaintiffs, v. UNITED STATES of America, Defendant.

United States District Court W. D. Kentucky, at Louisville.

September 27, 1967.

Attorney(s) appearing for the Case

Robert L. Ackerson, Louisville, Ky., for plaintiffs.

Ernest W. Rivers, U. S. Atty., for defendant.

MEMORANDUM

BROOKS, Chief Judge.

The question presented in this action for a tax refund concerns the characterization of amounts advanced to a newly formed corporation which were subsequently repaid. Internal Revenue determined that the amount advanced was equity investment the repayment of which constituted a dividend. The taxpayer contends that the amount in question is a loan and, therefore, the repayment of principal is not taxable as income. The question...

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