Legal Opinion
Howard Gilman v. Commissioner of Internal Revenue
Court of Appeals for the Second Circuit
Decided May 14, 1991No. 921, Docket 90-4127PublishedCited by 109 opinions
1Opinion of the Court
JON 0. NEWMAN, Circuit Judge: '
The principal issue on this appeal is whether a sale/leaseback transaction had sufficient economic substance to warrant income tax deductions for depreciation and interest. Howard Gilman appeals from the December 28, 1989, decision of the Tax Court (Charles E. Clapp II, Judge) upholding the disallowance of deductions and imposing a penalty tax and a penalty interest rate because of a valuation overstatement. We affirm.
Facts
The taxpayer is the chief executive officer and chairman of Gilman Paper Company. In November 1980, Joel Mallín, a broker in equipment…
2Cases cited20 opinions
- Commissioner v. BrownSupreme Court of the United States · 1965
- George v. Zmuda and Walburga Zmuda v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1984
- Rice's Toyota World, Inc. (Formerly Rice Auto Sales, Inc.) v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1985
- Grodt & McKay Realty, Inc. v. CommissionerUnited States Tax Court · 1981
- Rice's Toyota World, Inc. v. CommissionerUnited States Tax Court · 1983
15 more not listed; retrieve them via the Exa API.
3Cited by109 opinions
- Frank C. Pasternak Judith Pasternak (92-1681/1682) Anthony J. Cutaia Diane Cutaia David G. Koehlinger (92-1681) v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1993
- Stobie Creek Investments LLC v. United StatesCourt of Appeals for the Federal Circuit · 2010
- Kerry W. Illes v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1992
- Petaluma FX Partners, LLC v. Comm'rUnited States Tax Court · 2008
- Gerald Leuhsler, Beverly Leuhsler v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1992
104 more not listed; retrieve them via the Exa API.