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intention on the part of the transferor to secure payment."
Haag v. Commissioner, 88 T.C. 604, 616 (1987), affd. 855 F.2d 855
(8th Cir. 1988); see also Haber v. Commissioner, 52 T.C. 255
(1969), affd. 422 F.2d 198 (5th Cir. 1970); Saigh v.
Commissioner, 36 T.C. 395, 419 (1961). Often there is no direct
evidence of a taxpayer's intention. Courts have focused on the
following objective factors to determine whether a bona fide loan
exists: "(1) The existence or nonexistence of a debt instrument;
(2) provisions for security, interest payments and a fixed
repayment date; (3) treatment of the funds on the corporation's
books; [and] (4) whether repayments were made". Haag v.
Commissioner, supra at 616 n.6; see United States v. Uneco, Inc.,
532 F.2d 1204, 1208 (8th Cir. 1976); In re Indian Lakes Est.
Inc., 448 F.2d 574, 578-579 (5th Cir. 1971); Haber v.
Commissioner, supra at 266; Slear v. Commissioner, T.C. Memo.
1987-395; Baird v. Commissioner, T.C. Memo. 1982-220;
Astleford v. Commissioner, T.C. Memo. 1974-184, affd. per curiam
516 F.2d 1394 (8th Cir. 1975). This is a factual issue, to be
decided upon all the facts and circumstances in each case. See
Estate of Chism v. Commissioner, 322 F.2d 956, 960 (9th Cir.
1963), affg. T.C. Memo. 1962-6; Electric & Neon, Inc. v.
Commissioner, 56 T.C. 1324, 1338-1339 (1971), affd. without
published opinion 496 F.2d 876 (5th Cir. 1974). The above
factors are not exclusive, and no one factor is determinative.
See Kelley Co. v. Commissioner, 326 U.S. 521 (1946); Litton Bus.
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