Moradian v. Commissioner
United States Tax Court
Petitioner purchased vendor's undivided one-half interest in certain sec. 38 assets. Petitioner's husband owned the remaining one-half interest in such property. Prior to the purchase, such assets were used by a farming partnership in which the vendor and petitioner's husband each owned a 50-percent interest. Following the purchase, such assets continued to be used by a new partnership, in which petitioner and her husband each owned a 50-percent interest.
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Petitioner purchased vendor's undivided one-half interest in certain sec. 38 assets. Petitioner's husband owned the remaining one-half interest in such property. Prior to the purchase, such assets were used by a farming partnership in which the vendor and petitioner's husband each owned a 50-percent interest. Following the purchase, such assets continued to be used by a new partnership, in which petitioner and her husband each owned a 50-percent interest. Held: Petitioner is entitled to an investment credit on her purchase of such assets. Such assets constitute "used section 38 property"…
1Opinion of the Court
OPINION
Fay, Judge:
Respondent determined a deficiency of $2,624.50 in petitioners’ Federal income tax for the taxable year 1964. Petitioners not only contest this deficiency but also seek an overpayment in the amount of $1,134.70.
Petitioners have conceded certain issues. The only issue remaining for decision is whether petitioners are entitled to an investment credit in 1964 as a result of the purchase of certain property in that year.
All of the facts have been stipulated and are found accordingly.
Petitioners Edward A. and Georgia Moradian were husband and wife during the taxable year in…
2Cases cited8 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- Manhattan General Equipment Co. v. Commissioner of Internal RevenueSupreme Court of the United States · 1936
- Maryland Casualty Co. v. United StatesSupreme Court of the United States · 1920
- Commissioner of Internal Revenue v. WhitneyCourt of Appeals for the Second Circuit · 1948
- Commissioner of Internal Revenue v. Schuyler Grain Co., Inc.Court of Appeals for the Seventh Circuit · 1969
3 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Norfolk Southern Corp. v. CommissionerUnited States Tax Court · 1995
- La Croix v. CommissionerUnited States Tax Court · 1974
- Southern v. CommissionerUnited States Tax Court · 1986
- Casel v. CommissionerUnited States Tax Court · 1982
- Kiddie v. CommissionerUnited States Tax Court · 1978
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