Kwiat v. Commissioner
United States Tax Court
Petitioners are the ostensible lessors of certain industrial shelving under an agreement whereby petitioners and the ostensible lessee exchanged reciprocal (but not simultaneous) puts and calls.
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Petitioners are the ostensible lessors of certain industrial shelving under an agreement whereby petitioners and the ostensible lessee exchanged reciprocal (but not simultaneous) puts and calls. Respondent has disallowed various deductions and determined additions to tax. 1. Held: The purported leasing transaction shifted the benefits and burdens of ownership of the industrial shelving and therefore constitutes a sale for tax purposes; accordingly, petitioners lack a depreciable interest in the industrial shelving. Aderholt Specialty Co. v. Commissioner, T.C. Memo. 1985-491. Held, further,…
1Opinion of the Court
SHELDON F. KWIAT AND RITA KWIAT, ET AL., 1 Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Kwiat v. Commissioner
Docket Nos. 41301-86, 41302-86, 41305-86
United States Tax Court
T.C. Memo 1992-433; 1992 Tax Ct. Memo LEXIS 452; 64 T.C.M. (CCH) 327;
July 29, 1992, Filed
Decision will be entered under Rule 155.
Petitioners are the ostensible lessors of certain industrial shelving under an agreement whereby petitioners and the ostensible lessee exchanged reciprocal (but not simultaneous) puts and calls. Respondent has disallowed various deductions and determined additions to tax.
1. Held:…
2Cases cited10 opinions
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Burnet v. LoganSupreme Court of the United States · 1931
- United States v. DavisSupreme Court of the United States · 1962
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- UFE, Inc. v. CommissionerUnited States Tax Court · 1989
5 more not listed; retrieve them via the Exa API.
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