Legal Opinion
O. Robert Freesen v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided August 8, 1986No. 85-2992PublishedCited by 20 opinions
1Per curiam
The Internal Revenue Code allows a tax credit for investment in certain depreciable property. See 26 U.S.C. § 38. The Code also allows deductions for depreciation in excess of the “straight line” amount. See 26 U.S.C. § 168. But a lessor that serves merely as a financier or as a putative purchaser of tax advantage may not take an investment tax credit for the leased property, 26 U.S.C. § 46, and must treat as an item of tax preference the excess depreciation on that property, 26 U.S.C. § 57, which increases the alternative minimum tax.
Freesen Equipment Co. (Equipment Co.) purchased some…
2Cases cited9 opinions
- Frank Lyon Co. v. United StatesSupreme Court of the United States · 1978
- Trudy WALTON, Et Al., Plaintiffs-Appellees, v. UNITED CONSUMERS CLUB, INCORPORATED, Defendant-AppellantCourt of Appeals for the Seventh Circuit · 1986
- Comdisco, Inc. v. United StatesCourt of Appeals for the Seventh Circuit · 1985
- Illinois Cereal Mills, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1986
- Snyder Howell v. United StatesCourt of Appeals for the Seventh Circuit · 1985
4 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Concord Consumers Hous. Coop. v. CommissionerUnited States Tax Court · 1987
- Friendship Dairies, Inc. v. CommissionerUnited States Tax Court · 1988
- Donald G. McNamara and Valerie J. McNamara and Robert F. Christiansen and Lucille L. Christiansen v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1987
- Laglia v. CommissionerUnited States Tax Court · 1987
- Newman v. CommissionerCourt of Appeals for the Second Circuit · 1990
15 more not listed; retrieve them via the Exa API.