Rybak v. Commissioner
United States Tax Court
Some of the petitioners entered into four different transactions, all of which were "generic tax shelters." Held: The transactions lacked economic substance, and are to be disregarded for Federal income tax purposes. Further, such transactions are "tax motivated transactions" under sec. 6621(c), I.R.C. 1954. Some of the petitioners also entered into a container leasing transaction, but failed to show that they were entitled the deductions and credits claimed.
Read the full summary
Some of the petitioners entered into four different transactions, all of which were "generic tax shelters." Held: The transactions lacked economic substance, and are to be disregarded for Federal income tax purposes. Further, such transactions are "tax motivated transactions" under sec. 6621(c), I.R.C. 1954. Some of the petitioners also entered into a container leasing transaction, but failed to show that they were entitled the deductions and credits claimed. Some of the petitioners also entered into a franchise program to provide financial services, but petitioners failed to show they were…
1Opinion of the Court
OPINION
GOFFE, Judge:
These consolidated cases were assigned to Special Trial Judge Marvin F. Peterson pursuant to section 7456(d)2 (redesignated as section 7443A(b) by the Tax Reform Act of 1986, Pub. L. 99-514, sec. 1556, 100 Stat. 2755), and Rules 180, 181, and 183.3 The Court agrees with and adopts his opinion which is set forth below.
OPINION OF THE SPECIAL TRIAL JUDGE
PETERSON, Special Trial Judge:
These consolidated cases were selected by counsel and approved by the Court to serve as test cases for resolving issues common to a group of approximately 500 petitioners who invested in several…
2Cases cited15 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Neely v. CommissionerUnited States Tax Court · 1985
- Knetsch v. United StatesSupreme Court of the United States · 1960
- Rose v. CommissionerUnited States Tax Court · 1987
- Patin v. CommissionerUnited States Tax Court · 1987
10 more not listed; retrieve them via the Exa API.
3Cited by171 opinions
- Lunsford v. Comm'rUnited States Tax Court · 2001
- United States v. Robert E. Iles, Sr.Court of Appeals for the Sixth Circuit · 1990
- McCrary v. CommissionerUnited States Tax Court · 1989
- Nicklaus v. Comm'rUnited States Tax Court · 2001
- Mendes v. Comm'rUnited States Tax Court · 2003
166 more not listed; retrieve them via the Exa API.