Peck v. Commissioner
United States Tax Court
In 1974, Ps transferred land (but not the improvements thereon) to PL, their controlled corporation, and leased back the land from PL under lease agreements under which the rent was fixed for the first 5 years of the leases. In Peck v. Commissioner, T.C. Memo. 1982-17, affd. 752 F.2d 469 (9th Cir. 1985), it was held under sec. 482, I.R.C. 1954, that the rental payments for the first 3 years of the lease were excessive.
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In 1974, Ps transferred land (but not the improvements thereon) to PL, their controlled corporation, and leased back the land from PL under lease agreements under which the rent was fixed for the first 5 years of the leases. In Peck v. Commissioner, T.C. Memo. 1982-17, affd. 752 F.2d 469 (9th Cir. 1985), it was held under sec. 482, I.R.C. 1954, that the rental payments for the first 3 years of the lease were excessive. Held, Ps are collaterally estopped from litigating the reasonableness of the rental payments for the remaining 2 years of the original 5-year term of the lease.
1Opinion of the Court
OPINION
NIMS, Judge:
This matter is before the Court on respondent’s motion for partial summary judgment under Rule 121.1 The parties submitted a stipulation of facts which consists of the stipulation of facts with exhibits from petitioners’ prior Tax Court case, copies of petitioners’ Federal income tax returns for the years in issue, and schedules of property taxes paid for the years at issue. By order of the Court, the deficiency notice was also made part of the record, not having been previously submitted. There being no genuine issue as to any material fact on the issue of whether…
2Cases cited13 opinions
- Montana v. United StatesSupreme Court of the United States · 1979
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Amos v. CommissionerUnited States Tax Court · 1964
- John W. Amos v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1965
- The Evergreens v. NunanCourt of Appeals for the Second Circuit · 1944
8 more not listed; retrieve them via the Exa API.
3Cited by105 opinions
- Meier v. CommissionerUnited States Tax Court · 1988
- Donald A. Peck Judith W. Peck v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1990
- Kroh v. CommissionerUnited States Tax Court · 1992
- Monahan v. CommissionerUnited States Tax Court · 1997
- Calcutt v. CommissionerUnited States Tax Court · 1988
100 more not listed; retrieve them via the Exa API.