Loewen v. Commissioner
United States Tax Court
Before 1976, Ps operated an unincorporated farming and cattle-feeding business and received investment credits under sec. 38, I.R.C. 1954, on equipment purchased for the business. In 1976, they transferred their sec. 38 property and the other assets of the business to a newly formed corporation in exchange for all the stock in such corporation.
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Before 1976, Ps operated an unincorporated farming and cattle-feeding business and received investment credits under sec. 38, I.R.C. 1954, on equipment purchased for the business. In 1976, they transferred their sec. 38 property and the other assets of the business to a newly formed corporation in exchange for all the stock in such corporation. They did not transfer the real property and fixtures used in their business, but they leased such assets to the corporation on a year-to-year basis. After the transaction, the corporation continued to operate the same business as had Ps. Held, the…
1Opinion of the Court
George Loewen and Selma Loewen, Petitioners v. Commissioner of Internal Revenue, Respondent
Loewen v. Commissioner
Docket No. 13420-78
United States Tax Court
76 T.C. 90; 1981 U.S. Tax Ct. LEXIS 188;
January 19, 1981, Filed
Decision will be entered for the petitioners.
Before 1976, Ps operated an unincorporated farming and cattle-feeding business and received investment credits under sec. 38, I.R.C. 1954, on equipment purchased for the business. In 1976, they transferred their sec. 38 property and the other assets of the business to a newly formed corporation in exchange for all the stock in such…
2Cases cited7 opinions
- James Armour, Inc. v. CommissionerUnited States Tax Court · 1964
- R. & J. Furniture Co. v. CommissionerUnited States Tax Court · 1953
- The R. & J. Furniture Company v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1955
- Daniels Buick, Inc. v. CommissionerUnited States Tax Court · 1956
- Daniels Buick, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1958
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