(dissenting). It is undisputed that the dominant motive for payment of the assessments is to retain membership privileges in Lake Wisconsin rather than to invest. Memberships are not transferra-ble. A member who withdraws loses all paid-in assessments. Failure to pay the assessments results in a loss of membership.
An investment motive and a proprietary interest in the corporation are indicia of capital contributions. Washington Athletic Club v. United States, 614 F.2d 670, 675 (9th Cir. 1980); See also 7 Mertens, The Law of Federal Income Taxation sec. 38.22 at 52-53 (1984). Those factors being absent, I would affirm the circuit court.