Apex Corp. v. Commissioner
United States Tax Court
Petitioner purchased business, medical, and dental equipment, leased it to outside parties, thereupon sold all of its rental and lease rights to Murdock Acceptance Corp. (which had wanted to enter the business of acquiring and renting such equipment but was restricted from doing so by an outstanding debenture), and thereafter sold the particular equipment subject to the lease to Equipment, Inc., a newly organized corporation.
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Petitioner purchased business, medical, and dental equipment, leased it to outside parties, thereupon sold all of its rental and lease rights to Murdock Acceptance Corp. (which had wanted to enter the business of acquiring and renting such equipment but was restricted from doing so by an outstanding debenture), and thereafter sold the particular equipment subject to the lease to Equipment, Inc., a newly organized corporation. Murdock was president of the petitioner, Murdock Acceptance Corp., and Equipment, Inc., each of which had interrelated stockholders none of whom had a controlling…
1Opinion of the Court
The Apex Corporation, Petitioner, v. Commissioner of Internal Revenue, Respondent
Apex Corp. v. Commissioner
Docket No. 3449-63
United States Tax Court
42 T.C. 1122; 1964 U.S. Tax Ct. LEXIS 35;
September 30, 1964, Filed
Decision will be entered for the petitioner.
Petitioner purchased business, medical, and dental equipment, leased it to outside parties, thereupon sold all of its rental and lease rights to Murdock Acceptance Corp. (which had wanted to enter the business of acquiring and renting such equipment but was restricted from doing so by an outstanding debenture), and thereafter sold the…
Also in this document: Dissent.
2Cases cited5 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Columbian Rope Co. v. CommissionerUnited States Tax Court · 1964
- Wisconsin Electric Power Co. v. CommissionerUnited States Tax Court · 1952
- Apex Corp. v. CommissionerUnited States Tax Court · 1964