Sim-Air, USA, Ltd. v. Commissioner
United States Tax Court
P, which had previously qualified as a DISC, sold a helicopter on Dec. 31, 1983, to a related corporation which was not a DISC. On Oct. 3, 1984, the helicopter was retransferred to the U.S. seller of the helicopter, pursuant to a conditional sales contract with P's parent from whom P had acquired the helicopter in 1981. At the time of the retransfer, there was a default in the making of the payments under the conditional sales contract.
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P, which had previously qualified as a DISC, sold a helicopter on Dec. 31, 1983, to a related corporation which was not a DISC. On Oct. 3, 1984, the helicopter was retransferred to the U.S. seller of the helicopter, pursuant to a conditional sales contract with P's parent from whom P had acquired the helicopter in 1981. At the time of the retransfer, there was a default in the making of the payments under the conditional sales contract. On June 5, 1985, the seller of the helicopter to P's parent contracted to sell the helicopter and, on Oct. 21, 1985, it was delivered for export to…
1Opinion of the Court
TANNENWALD, Judge:1
Respondent determined deficiencies in petitioner's Federal income taxes as follows: (1) $1,292,189 for the fiscal year ended July 31, 1984, and additions to tax of $64,609 under section 6653(a)(1)2 and interest on $1,292,189 under section 6653(a)(2); (2) $3,467 for the short fiscal year ended December 31, 1984, and additions to tax of $173 under section 6653(a)(1) and interest on $3,467 under section 6653(a)(2). Respondent having conceded the short-year deficiency, the issue for decision is whether petitioner is entitled to be classified as a domestic international sales…
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