McCrary v. Commissioner
United States Tax Court
Ps entered into a purported "lease" of a master recording produced by American Educational Leasing. Shortly prior to trial, they conceded that they were not entitled to the investment tax credit claimed on their tax returns because the agreement was not a lease. They continued to claim deductions for lease payments and other expenses, however. Held, Ps were not entitled to the deductions claimed.
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Ps entered into a purported "lease" of a master recording produced by American Educational Leasing. Shortly prior to trial, they conceded that they were not entitled to the investment tax credit claimed on their tax returns because the agreement was not a lease. They continued to claim deductions for lease payments and other expenses, however. Held, Ps were not entitled to the deductions claimed. Held, further, no part of the underpayment of Ps' taxes was attributable to a valuation overstatement, and they are not liable for additions to tax under sec. 6659, I.R.C. 1954. Todd v. Commissioner,…
1Opinion of the Court
COHEN, Judge:
Respondent determined deficiencies in and additions to petitioners’ Federal income taxes for 1982 and 1983 as follows:
_Additions to tax_
Year Deficiency Sec. 6653(a)(1)1 Sec. 6653(a)(2) Sec. 6621(d) Sec. 6659
1982 $19,758.43 $987.92 *
*** $5,550
1983 597.08 1,119.88 **
Respondent also determined that the entire underpayment for 1982 was a tax-motivated transaction under section 6621(c), formerly section 6621(d), and respondent claimed an addition to tax under section 6661 as an alternative to the addition to tax under section 6659. The issues for decision are whether petitioners are…
2Cases cited32 opinions
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Pallottini v. CommissionerUnited States Tax Court · 1988
- Jasionowski v. CommissionerUnited States Tax Court · 1976
- McCoy v. CommissionerUnited States Tax Court · 1981
27 more not listed; retrieve them via the Exa API.
3Cited by119 opinions
- David E. Heasley and Kathleen Heasley v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1990
- Frank C. Pasternak Judith Pasternak (92-1681/1682) Anthony J. Cutaia Diane Cutaia David G. Koehlinger (92-1681) v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1993
- Weiner v. United StatesCourt of Appeals for the Fifth Circuit · 2004
- 885 Inv. Co. v. CommissionerUnited States Tax Court · 1990
- United States v. McBrideDistrict Court, D. Utah · 2012
114 more not listed; retrieve them via the Exa API.