Intrafamily Business Loans are Not Real Loans Says the 7th Circuit

The 7th Circuit Court of Appeals recently affirmed the decision of the US Tax Court in VHC, Inc. v. Comm'r of Internal Revenue, 2020 WL 4529930, at *3 (7th Cir. Aug. 6, 2020), which held that business “loans” from a family business to a son of the family were not really loans and thus did…