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States, 424 F.2d 1330 (9th Cir. 1970) (11 factors); Fin Hay
Realty Co. v. United States, supra (16 factors); Georgia-Pacific
Corp. v. Commissioner, 63 T.C. 790 (1975) (13 factors). The
factors considered include: (1) The names given to the
certificates evidencing the indebtedness; (2) presence or absence
of a fixed maturity date; (3) source of payments; (4) right to
enforce payments; (5) participation in management as a result of
the advances; (6) status of the advances in relation to regular
corporate creditors; (7) intent of the parties; (8) identity of
interest between creditor and stockholder; (9) “thinness” of
capital structure in relation to debt; (10) ability of
corporation to obtain credit from outside sources; (11) use to
which advances were put; (12) failure of debtor to repay; and
(13) risk involved in making advances. Dixie Dairies Corp. v.
Commissioner, 74 T.C. 476, 493-494 (1980).
The identified factors are not equally significant. Estate
of Mixon v. United States, supra at 402. Nor is any one factor
determinative or relevant in each case due to the countless
factual circumstances possible. John Kelley Co. v. Commissioner,
326 U.S. 521, 530 (1946). “The various factors * * * are only
aids in answering the ultimate question whether the investment,
analyzed in terms of its economic reality, constitutes risk
capital entirely subject to the fortunes of the corporate venture
or represents a strict debtor-creditor relationship.” Fin Hay
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