Peck v. Commissioner
United States Tax Court
In 1974, Ps transferred land (but not the improvements thereon) to PL, their controlled corporation, and leased back the land from PL under lease agreements under which the rent was fixed for the first 5 years of the leases. In Peck v. Commissioner, T.C. Memo. 1982-17, affd. 752 F.2d 469 (9th Cir. 1985), it was held under sec. 482, I.R.C. 1954, that the rental payments for the first 3 years of the lease were excessive.
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In 1974, Ps transferred land (but not the improvements thereon) to PL, their controlled corporation, and leased back the land from PL under lease agreements under which the rent was fixed for the first 5 years of the leases. In Peck v. Commissioner, T.C. Memo. 1982-17, affd. 752 F.2d 469 (9th Cir. 1985), it was held under sec. 482, I.R.C. 1954, that the rental payments for the first 3 years of the lease were excessive. Held, Ps are collaterally estopped from litigating the reasonableness of the rental payments for the remaining 2 years of the original 5-year term of the lease.
1Opinion of the Court
Donald A. Peck and Judith W. Peck, Petitioners v. Commissioner of Internal Revenue, Respondent
Peck v. Commissioner
Docket No. 17904-81
United States Tax Court
90 T.C. 162; 1988 U.S. Tax Ct. LEXIS 13; 90 T.C. No. 13;
January 28, 1988January 28, 1988, Filed
An appropriate order will be issued and decision will be entered under Rule 155.
In 1974, Ps transferred land (but not the improvements thereon) to PL, their controlled corporation, and leased back the land from PL under lease agreements under which the rent was fixed for the first 5 years of the leases. In Peck v. Commissioner, T.C. Memo.…
2Cases cited14 opinions
- Montana v. United StatesSupreme Court of the United States · 1979
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Amos v. CommissionerUnited States Tax Court · 1964
- John W. Amos v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1965
- The Evergreens v. NunanCourt of Appeals for the Second Circuit · 1944
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