Lockhart Leasing Co. v. Commissioner

OPINION

Petitioner takes the primary position that it is entitled to the invest-lent credit provided for in section 38 2 since section 48 (d) 3 of subpart B, referred to in section 38(a), specifically provides that a lessor may elect, -with respect to any new section 38 property, to treat the lessee as having acquired such property. Petitioner states that it is clear from the provisions of section 48(d) that the lessor is entitled to the investment credit pi’ovided by section 38 unless he has elected to treat the lessee as having acquired the property.

Respondent answers this argument of…