CMA Consolidated, Inc. & Subsidiaries, Inc. - Page 128

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          between creditor and stockholder; (10) payment of interest only             
          out of “dividend” money; and (11) the ability of the corporation            
          to obtain loans from outside lending institutions.  Bauer v.                
          Commissioner, 748 F.2d 1365, 1368 (9th Cir. 1984), revg. T.C.               
          Memo. 1983-120; A.R. Lantz Co. v. United States, 424 F.2d 1330,             
          1333 (9th Cir. 1970); O.H. Kruse Grain & Milling v. Commissioner,           
          279 F.2d 123, 125-126 (9th Cir. 1960), affg. T.C. Memo. 1959-110;           
          Anchor Natl. Life Ins. Co. v. Commissioner, 93 T.C. 382, 400                
          (1989).  No one factor is controlling or decisive, and the court            
          must look to the particular circumstances of each case.  Bauer v.           
          Commissioner, supra at 1368.  Analysis of these factors,                    
          including objective evidence of the intent of the parties, is a             
          guide to the resolution of the ultimate issue of whether the                
          parties intended the advances to create debt or equity.  Id. at             
          1367-1368; A.R. Lantz Co. v. United States, supra at 1333-1334;             
          Anchor Natl. Life Ins. Co. v. Commissioner, supra at 401.                   
          B.  Application of the 11-Factor Test                                       
          1.  Names Given to the Documents                                            
               The issuance of a stock certificate indicates an equity                
          contribution.  In contrast, the issuance of a bond, debenture, or           
          note is indicative of indebtedness.  Estate of Mixon v. United              
          States, 464 F.2d 394, 403 (5th Cir. 1972); Anchor Natl. Life Ins.           
          Co. v. Commissioner, supra at 404.                                          








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