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Scriptomatic, Inc. v. United States
United States Court of Appeals for the Third Circuit
555 F.2d 364 (1977)
- Written by Matthew Celestin, JD
Facts
Scriptomatic, Inc. (plaintiff) made payments to shareholders on two series of obligations that Scriptomatic and the shareholders considered debentures. Scriptomatic subsequently deducted the interest on the payments as interest on debt. The government (defendant), however, viewed the payments as dividends on equity and therefore not deductible. The district court held in Scriptomatic’s favor notwithstanding a contrary prior jury verdict, and the government appealed.
Rule of Law
Issue
Holding and Reasoning (Van Dusen, J.)
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