Selig v. Commissioner
United States Tax Court
P exhibited "exotic automobiles", state-of-the-art, high technology vehicles with unique design features or equipment, for a fee. Ps claimed depreciation deductions for such automobiles.
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P exhibited "exotic automobiles", state-of-the-art, high technology vehicles with unique design features or equipment, for a fee. Ps claimed depreciation deductions for such automobiles. P's wholly owned S corporation made expenditures related to P's plans to open an exotic car entertainment complex. 1. Held: The exotic automobiles were subject to obsolescence and, thus, were depreciable under secs. 167 and 168, I.R.C. 2. Held, further, the expenditures made by P's wholly owned S corporation are nondeductible under sec. 162(a), I.R.C., on account of being preopening expenses not incurred in a…
1Opinion of the Court
BRUCE SELIG AND ELAINE SELIG, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Selig v. Commissioner
Docket No. 19151-93.
United States Tax Court
T.C. Memo 1995-519; 1995 Tax Ct. Memo LEXIS 518; 70 T.C.M. (CCH) 1125;
October 31, 1995, Filed
Decision will be entered under Rule 155.
P exhibited "exotic automobiles", state-of-the-art, high technology vehicles with unique design features or equipment, for a fee. Ps claimed depreciation deductions for such automobiles. P's wholly owned S corporation made expenditures related to P's plans to open an exotic car entertainment complex.
1. Held: The…
2Cases cited13 opinions
- Pallottini v. CommissionerUnited States Tax Court · 1988
- Mailman v. CommissionerUnited States Tax Court · 1988
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
- Richmond Television Corp. v. United StatesSupreme Court of the United States · 1965
- Richmond Television Corporation v. United StatesCourt of Appeals for the Fourth Circuit · 1965
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