Pike v. Commissioner
United States Tax Court
Petitioners entered into an auto-leasing tax shelter plan promoted by Henry Kersting in the first part of 1975. Under this plan, Kersting organized a subchapter S leasing company to take advantage of various tax deductions not available to the individual participants. A participant would choose an automobile he wanted to lease and notify the leasing company, which would buy the car and lease it to the participant.
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Petitioners entered into an auto-leasing tax shelter plan promoted by Henry Kersting in the first part of 1975. Under this plan, Kersting organized a subchapter S leasing company to take advantage of various tax deductions not available to the individual participants. A participant would choose an automobile he wanted to lease and notify the leasing company, which would buy the car and lease it to the participant. The participant would buy stock in the leasing company equal in face value to more than the cost of the car. The participant borrowed the stock purchase money from a Kersting…
1Opinion of the Court
Drennen, Judge:
Respondent determined the following deficiencies in petitioners’ Federal income taxes:
Year Docket No. Petitioner Deficiency
5974-79 Stewart J. Pike and Nancy S. Pike . $2,746.21 lO 1> rH
8552-78 Gary J. Heidel . 567.00 ^ 1> rH
1975 6684-79 James L. Eschele and Charlene Eschele .... 1,095.00
1975 9531-79 Donald E. Behn and Helen J. Behn . 1,610.89
1975 10097-79 Torao Mukai and Flora F. Mukai .. 2,068.00
1975 10348-79 John M. Moodie and Sue E. Moodie . 2,205.00
1975 10350-79 Edgar K. Silva and Yolanda H. Silva . 1,441.00
1975 10533-79 David S. Ferguson and Ikuko T. Ferguson ... 3,902.00
10…
2Cases cited24 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Gregory v. HelveringSupreme Court of the United States · 1935
- Deputy, Administratrix v. Du PontSupreme Court of the United States · 1940
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Brannen v. CommissionerUnited States Tax Court · 1982
19 more not listed; retrieve them via the Exa API.
3Cited by62 opinions
- Beck v. CommissionerUnited States Tax Court · 1985
- Flowers v. CommissionerUnited States Tax Court · 1983
- Waddell v. CommissionerUnited States Tax Court · 1986
- Elliott v. CommissionerUnited States Tax Court · 1985
- Finoli v. CommissionerUnited States Tax Court · 1986
57 more not listed; retrieve them via the Exa API.