Lockhart Leasing Co. v. Commissioner
United States Tax Court
Held, since the equipment and machinery which petitioner purchased for use of other persons was in substance as well as form owned by petitioner and leased to the persons for whom acquired, petitioner is entitled to the investment credit provided for under sec. 38, I.R.C. 1954, with respect to the equipment and machinery which had a useful life of over 4 years except in those instances where petitioner had agreed to the lessee's having the investment credit or had acquired…
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Held, since the equipment and machinery which petitioner purchased for use of other persons was in substance as well as form owned by petitioner and leased to the persons for whom acquired, petitioner is entitled to the investment credit provided for under sec. 38, I.R.C. 1954, with respect to the equipment and machinery which had a useful life of over 4 years except in those instances where petitioner had agreed to the lessee's having the investment credit or had acquired the property for a person who had previously used it.
1Opinion of the Court
Lockhart Leasing Company, Petitioner v. Commissioner of Internal Revenue, Respondent
Lockhart Leasing Co. v. Commissioner
Docket Nos. 2445-66, 523-68
United States Tax Court
54 T.C. 301; 1970 U.S. Tax Ct. LEXIS 210;
February 16, 1970, Filed
Decision will be entered under Rule 50.
Held, since the equipment and machinery which petitioner purchased for use of other persons was in substance as well as form owned by petitioner and leased to the persons for whom acquired, petitioner is entitled to the investment credit provided for under sec. 38, I.R.C. 1954, with respect to the equipment and machinery…
2Cases cited15 opinions
- Benton v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1952
- Bowen v. CommissionerUnited States Tax Court · 1949
- Breece Veneer and Panel Company v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1956
- Martin v. CommissionerUnited States Tax Court · 1965
- Karl R. Martin and Kathleen Martin v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1967
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