Kerry v. Commissioner
United States Tax Court
For the years 1974, 1975, and 1976, petitioners claimed an investment credit for their distributive share of Kerry Bros.' basis in qualified investment property. Respondent disallowed the claimed credit based on the sec. 46(e)(3), I.R.C. 1954, prohibition against the claiming of investment credits by noncorporate lessors.
Read the full summary
For the years 1974, 1975, and 1976, petitioners claimed an investment credit for their distributive share of Kerry Bros.' basis in qualified investment property. Respondent disallowed the claimed credit based on the sec. 46(e)(3), I.R.C. 1954, prohibition against the claiming of investment credits by noncorporate lessors. Petitioners subsequently amended Kerry Bros.' and Kerry Coal's returns to reflect a sec. 48(d) passthrough election of the qualified property from Kerry Bros. as lessor to Kerry Coal as lessee. Held, petitioners are not entitled to make a late sec. 48(d) election based upon…
1Opinion of the Court
WHITAKER, Judge-.
Respondent determined a deficiency in petitioners’ Federal income tax for the years and in the amounts indicated:
Vernon Y. and Mary Ann Kerry — Docket No. 24442-81
Year Deficiency
1974. $5,176
1975 . 463,688
1976. 69,283
1977. 78,001
Gail C. and Carol E. Kerry — Docket No. 24443-81
Year Deficiency
1974. $5,775
1975. 463,217
1976. 69,283
1977 . 73,548
After concessions by petitioners, the sole issue for decision is whether petitioners are entitled to investment tax credits (investment credits) relating to equipment purchased by the Kerry Bros, partnership in 1974, 1975, and 1976.
FINDINGS…
2Cases cited12 opinions
- Taylor v. CommissionerUnited States Tax Court · 1977
- Sperapani v. CommissionerUnited States Tax Court · 1964
- Cary v. CommissionerUnited States Tax Court · 1963
- Columbia Iron & Metal Co. v. CommissionerUnited States Tax Court · 1973
- Peter Mamula and Dorothy R. Mamula v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1965
7 more not listed; retrieve them via the Exa API.
3Cited by10 opinions
- Turner v. CommissionerUnited States Tax Court · 1995
- Gibson v. CommissionerUnited States Tax Court · 1987
- Thurman v. CommissionerUnited States Tax Court · 1998
- Lucas v. CommissionerUnited States Tax Court · 1995
- Codington County Humane Soc. v. CommissionerUnited States Tax Court · 1991
5 more not listed; retrieve them via the Exa API.