MASCUILLI

v.

AMERICAN EXPORT ISBRANDTSEN LINES, INC., ET AL.

Citator

Cited By

• J.R. Betson, Jr. v. Comm'r OF Internal Revenue Serv., 802 F.2d 365 (9th Cir. 1986)
  …eholders will not be permitted to claim deductions for ordinary and necessary expenses incurred by the corporation even though paid by the shareholders. See Elot H. Raffety Farms, Inc. v. United States, 511 F. 2d 1234, 1239 (8th Cir.), cert. denied, 423 U.S. 834, 96 S.Ct. 57, 46 L.Ed.2d 52 (1975); Dodd v. Commissioner, 298 F. 2d 570, 577-78 (4th Cir.1962); Ihrig v. Commissioner, 26 T.C. 73, 76 (1956); cf. O’Neill, 271 F. 2d at 48-49 (no loss deduction allowed). There are exceptions to these principles. If…
• Farm Stores, Inc. v. Texaco, Inc., 763 F.2d 1335 (11th Cir. 1985)
  …u-Way Oil Co., Inc., 589 F. 2d 806, 810 (5th Cir.1979), cert. denied, 444 U.S. 836, 100 S.Ct. 70, 62 L.Ed.2d 46 (1979); Goldinger v. Boron Oil Co., 375 F.Supp. 400, 407, 409 (W.D.Penn.1974) , aff'd. mem., 511 F. 2d 1393 (3d Cir.1975) , cert. denied, 423 U.S. 834, 96 S.Ct. 59, 46 L.Ed.2d 52 (1975); Everhart v. United Refining Co., 1981 Tr.Cas. H 63, 788 at 78,202, 78,203, and 78,208 (N.D.Ohio 1980); Johnson v. Mobil Oil Corp., 553 F.Supp. 195, 199 (S.D.N.Y.1982). The investment in gasoline inventory, about…
• Caligiuri v. Commissioner OF Internal Revenue, 549 F.2d 1155 (8th Cir. 1977)
  …rima facie correct, and the taxpayer has the burden of proving otherwise. E. g., Welch v. Helvering, 290 U.S. 111, 115, 54 S.Ct. 8, 78 L.Ed.212 (1933); Elot H. Raffety Farms, Inc. v. United States, 511 F. 2d 1234, 1238 (8th Cir. 1975), cert. denied, 423 U.S. 834, 96 S.Ct. 57, 46 L.Ed.2d 52. Thus, the taxpayers have the burden of establishing that: (1) a bona fide debt was owed to them, and (2) the debt became worthless in 1958. All the facts and circumstances must be considered in determining whether the a…