Apis Productions, Inc. v. Commissioner
United States Tax Court
P, producer of certain variety shows, claimed investment tax credits with respect to the shows. R denied the claimed credits, on the basis that the tapes of the shows were not "qualified film" under sec. 48(k)(1)(B), I.R.C. 1954, as amended. Held: The market for the tapes was not primarily topical or otherwise essentially transitory in nature. The tapes therefore constituted qualified film eligible for the investment tax credit.
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P, producer of certain variety shows, claimed investment tax credits with respect to the shows. R denied the claimed credits, on the basis that the tapes of the shows were not "qualified film" under sec. 48(k)(1)(B), I.R.C. 1954, as amended. Held: The market for the tapes was not primarily topical or otherwise essentially transitory in nature. The tapes therefore constituted qualified film eligible for the investment tax credit. Held, further, the categorical exclusion of variety shows from "qualified film" contained in sec. 1.48-8(a)(3)(iii), Income Tax Regs., is invalid.
1Opinion of the Court
Apis Productions, Inc., Petitioner v. Commissioner of Internal Revenue, Respondent
Apis Productions, Inc. v. Commissioner
Docket No. 1849-82
United States Tax Court
86 T.C. 1192; 1986 U.S. Tax Ct. LEXIS 97; 86 T.C. No. 69;
June 16, 1986, Filed
Decision will be entered for the petitioner.
P, producer of certain variety shows, claimed investment tax credits with respect to the shows. R denied the claimed credits, on the basis that the tapes of the shows were not "qualified film" under sec. 48(k)(1)(B), I.R.C. 1954, as amended. Held: The market for the tapes was not primarily topical or otherwise…
2Cases cited15 opinions
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- Fawcus MacHine Co. v. United StatesSupreme Court of the United States · 1931
- Dunn v. CommissionerUnited States Tax Court · 1978
- Commissioner v. EngleSupreme Court of the United States · 1984
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