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RIALTO REALTY CO. v. UNITED STATES

November 2, 1973

Rialto Realty Company, Inc.
v.
United States of America


Huyett, Judge.


The opinion of the court was delivered by: HUYETT

HUYETT, Judge:

 This is a federal tax refund case in which plaintiff, Rialto Realty Company, Inc., challenges defendant's disallowance of interest deductions *fn1" taken by plaintiff for the years 1963 through 1967. The case presents the frequently litigated question whether certain corporate obligations represent debt or equity. *fn2" The parties have stipulated to the facts. This opinion represents our findings of fact and conclusions of law required by Fed. R. Civ. P. 52(a). Jurisdiction is conferred by 28 U.S.C. § 1346(a) (1) (1970).

 Facts This action involves interest payments made by the Plaintiff, Rialto Realty Company, Inc., to holders of its 6% Mortgage Bonds Plaintiff issued on January 1, 1954. The Commissioner of Internal Revenue (Commissioner) disallowed as a deduction on the Federal income tax returns filed by the Plaintiff for the years 1963 through 1967, inclusive, the total amount of the interest payments as follows: Mortgage Bond Amount Year Interest Paid Disallowed 1963 $12,000 $12,000 1964 10,500 10,500 1965 6,750 6,750 1966 4,500 4,500 1967 6,000 6,000

19731102

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