Omaha Aircraft Leasing Co. v. Commissioner
United States Tax Court
Petitioner, a finance company, had in earlier years made aircraft loans to customers of petitioner's sister corporation. During all of the 3 years in issue, however, none of these loans remained, and petitioner's sole lending activities and income were from loans to Sky Harbor and two other sister corporations.
Read the full summary
Petitioner, a finance company, had in earlier years made aircraft loans to customers of petitioner's sister corporation. During all of the 3 years in issue, however, none of these loans remained, and petitioner's sole lending activities and income were from loans to Sky Harbor and two other sister corporations. Held: On the facts, petitioner did not, during the years in issue, derive income "from the active and regular conduct of a lending or finance business" within the meaning of sec. 542(c)(6)(A), I.R.C. 1954, and could not, therefore, qualify for the financing company exception to…
1Opinion of the Court
Hall, Judge:
Respondent determined deficiencies in petitioner’s income tax of $5,633.96 for the taxable year 1973, $5,234.50 for the taxable year 1974, and $3,789.90 for the taxable year 1975. The sole issue for decision is whether petitioner is liable for the personal holding company tax imposed by section 541.1
FINDINGS OF FACT
Some of the facts have been stipulated by the parties and are found accordingly.
Petitioner is a corporation organized under the laws of the State of Nebraska, with its principal place of business in Omaha, Nebr.
Petitioner maintained its books and records and filed its…
2Cases cited6 opinions
- Imel v. CommissionerUnited States Tax Court · 1973
- Commissioner of Internal Revenue v. Marne S. Wilson, Marjorie M. Wilson, Lyle C. Wilson and Peggy WilsonCourt of Appeals for the Ninth Circuit · 1965
- Davenport v. CommissionerUnited States Tax Court · 1978
- Wilson v. CommissionerUnited States Tax Court · 1964
- Hanson v. United StatesDistrict Court, D. Montana · 1971
1 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Omaha Aircraft Leasing Co. v. CommissionerUnited States Tax Court · 1980
- Omaha Aircraft Leasing Co. v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1981