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367, 377 (1973). Whether the requisite intention to create a
true debtor-creditor relationship existed is a question of fact
to be determined from a review of all the evidence. See id.
Factors considered in making the analysis include (1) the names
given to the certificates evidencing the indebtedness, (2) the
presence or absence of a fixed maturity date, (3) the source of
payments, (4) the right to enforce payments, (5) participation in
management as a result of the advances, (6) the status of the
advances in relation to regular corporate creditors, (7) the
ratio of debt to capital of the corporation, (8) the ability of
the corporation to obtain credit from outside sources, (9) the
use to which the advances were put, (10) the failure of the
debtor to repay, and (11) the risk involved in making the
advances. See Calumet Indus., Inc. v. Commissioner, supra;
Anchor Natl. Life v. Commissioner, 93 T.C. 382, 400 (1989); Dixie
Dairies Corp. v. Commissioner, 74 T.C. 476, 493 (1980). No
single factor is determinative, and not all factors are
applicable in each case. See Dixie Dairies Corp. v.
Commissioner, supra. “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
Realty Co. v. United States, 398 F.2d 694, 697 (3d Cir. 1968).
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