- 29 -
493 U.S. at 209, 212; Herbel v. Commissioner, supra.
Based upon our examination of the entire record before us,
we find that the $1.5 million at issue does not constitute a
loan. On that record, we further find that that amount is
includable in petitioner’s gross income for the year at issue.
We have considered all of the contentions and arguments of
the parties that are not discussed herein, and we find them to be
without merit, irrelevant, and/or moot.
To reflect the foregoing,
Decision will be entered
for respondent.
21(...continued)
commencement of a bankruptcy proceeding by Super Rite merely
would have granted petitioner the option of canceling the April
16, 1999 supply agreement. Thus, it was within the control of
petitioner, and not Super Rite, to cancel that supply agreement
in the event that Super Rite were to commence a bankruptcy
proceeding.
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