East Coast Equipment Co. v. Commissioner
United States Tax Court
1. The petitioner, who was engaged in the trade or business of selling construction equipment, entered into 26 "equipment rental agreements," together with purchase options which gave the purported lessee the right to purchase the equipment at the end of the lease for a consideration amounting to the downpayment and the installments required in the rental agreement and provided further that the "rental payments" should apply to the purchase price.
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1. The petitioner, who was engaged in the trade or business of selling construction equipment, entered into 26 "equipment rental agreements," together with purchase options which gave the purported lessee the right to purchase the equipment at the end of the lease for a consideration amounting to the downpayment and the installments required in the rental agreement and provided further that the "rental payments" should apply to the purchase price. To secure performance from the lessee, interest-bearing notes were required by the petitioner. These notes, together with the contracts and…
1Opinion of the Court
East Coast Equipment Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
East Coast Equipment Co. v. Commissioner
Docket No. 30984
United States Tax Court
21 T.C. 112; 1953 U.S. Tax Ct. LEXIS 43;
October 22, 1953, Promulgated
Decision will be entered under Rule 50.
1. The petitioner, who was engaged in the trade or business of selling construction equipment, entered into 26 "equipment rental agreements," together with purchase options which gave the purported lessee the right to purchase the equipment at the end of the lease for a consideration amounting to the downpayment and the…
2Cases cited5 opinions
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Woody v. CommissionerUnited States Tax Court · 1952
- Elmer v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1933
- Lanova Corp. v. Comm'rUnited States Tax Court · 1952
- East Coast Equipment Co. v. CommissionerUnited States Tax Court · 1953