Legal Opinion
Power Equipment Company v. United States
Court of Appeals for the Sixth Circuit
Decided February 5, 1985No. 83-5168, 83-5169PublishedCited by 4 opinions
1Opinion of the Court
WELLFORD, Circuit Judge.
The United States appeals the Magistrate’s judgment awarding Power Equipment Company (PEC) a refund of income taxes paid in 1975 on interest income received from various local Tennessee governmental units in connection with sales to those units of heavy construction equipment. The Magistrate found that PEC was entitled to exclude these interest payments from its gross income under I.R.C. § 103(a)(1) as interest on governmental obligations. The Magistrate decided this action on the following stipulated facts:
“1. Power Equipment Company is a corporation incorporated…
2Cases cited21 opinions
- Commissioner v. South Texas Lumber Co.Supreme Court of the United States · 1948
- United States v. CorrellSupreme Court of the United States · 1967
- Bingler v. JohnsonSupreme Court of the United States · 1969
- Helvering v. Stockholms Enskilda BankSupreme Court of the United States · 1934
- United States v. Articles of Device Consisting of Three Devices . . . "Diapulse''Court of Appeals for the Sixth Circuit · 1976
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3Cited by4 opinions
- Gonzalez v. Farmington Foods, Inc.District Court, N.D. Illinois · 2003
- Joseph M. McKenney v. United StatesCourt of Appeals for the Eleventh Circuit · 2020
- Protest of Great Plains Federal Savings & Loan Ass'n v. Oklahoma Tax CommissionSupreme Court of Oklahoma · 1987
- Power Equipment Company v. United StatesCourt of Appeals for the Sixth Circuit · 1985