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answered by reference to all of the evidence, with the burden on
the taxpayer to establish that the advance was a loan. Rule
142(a); Dixie Dairies Corp. v. Commissioner, 74 T.C. 476, 493
(1980); Yale Avenue Corp. v. Commissioner, 58 T.C. 1062, 1073-
1074 (1972). Advances to a closely held corporation by its
shareholders are subject to particular scrutiny, since "The
absence of arm's-length dealing provides the opportunity to
contrive a fictional debt shielding the real essence of the
transaction and obtaining benefits unintended by the statute."
Gilboy v. Commissioner, T.C. Memo. 1978-114. Thus, we look
beyond the form of the transaction to determine its true
substance.
Courts have identified and considered various factors in
deciding questions of debt versus equity. See, e.g., In re
Uneco, Inc., supra at 1207-1208 (10 factors); Fin Hay Realty Co.
v. United States, 398 F.2d 694, 696 (3d Cir. 1968) (16 factors).
The Court of Appeals for the Eleventh Circuit, to which an appeal
of this case would lie, has adopted the objective factors set
forth in Estate of Mixon v. United States, 464 F.2d 394 (5th Cir.
1972). See In re Lane, 742 F.2d 1311 (11th Cir. 1984);
Stinnett's Pontiac Serv., Inc. v. Commissioner, 730 F.2d 634
(11th Cir. 1984), affg. T.C. Memo. 1982-314.
In Estate of Mixon, the Court of Appeals for the Fifth
Circuit delineated the following 13 elements which merit
consideration in determining whether an advance constitutes debt
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