Andantech L.L.C. v. Comm'r
United States Tax Court
On Sept. 28, 1993, A, a limited liability Wyoming company, composed of two Belgian citizens, BP and FBE, purchased a portfolio of 40 IBM mainframe computers (the equipment) from C, for $ 122,415,762, which was paid: (1) $ 14,995,931 in cash (which A borrowed from UBS, a Swiss bank), and (2) $ 107,419,831 by A's notes to C. At the time of sale, the equipment was under existing leases to end users and subject to existing liens; the equipment was sold to A subject to the…
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On Sept. 28, 1993, A, a limited liability Wyoming company, composed of two Belgian citizens, BP and FBE, purchased a portfolio of 40 IBM mainframe computers (the equipment) from C, for $ 122,415,762, which was paid: (1) $ 14,995,931 in cash (which A borrowed from UBS, a Swiss bank), and (2) $ 107,419,831 by A's notes to C. At the time of sale, the equipment was under existing leases to end users and subject to existing liens; the equipment was sold to A subject to the existing leases and liens. Simultaneously with its purchase of the equipment, A leased the equipment back to C. On Oct. 29,…
1Opinion of the Court
ANDANTECH L.L.C., WELLS FARGO EQUIPMENT FINANCE, INC. (f.k.a. NORWEST EQUIPMENT FINANCE, INC.), TAX MATTERS PARTNER, AND WELLS FARGO & COMPANY (f.k.a. NORWEST CORPORATION), A PARTNER OTHER THAN THE TAX MATTERS PARTNER, ET AL., Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent 1
Andantech L.L.C. v. Comm'r
No. 15532-98; No. 4277-00; No. 6348-00
United States Tax Court
T.C. Memo 2002-97; 2002 Tax Ct. Memo LEXIS 99; 83 T.C.M. (CCH) 1476; T.C.M. (RIA) 54714;
April 9, 2002, Filed
Petitioner Andantech not a valid partnership and not recognized for federal tax purposes. Judgement entered for…
2Cases cited82 opinions
- Gregory v. HelveringSupreme Court of the United States · 1935
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. TowerSupreme Court of the United States · 1946
- Higgins v. SmithSupreme Court of the United States · 1940
- Knetsch v. United StatesSupreme Court of the United States · 1960
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3Cited by5 opinions
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- CNT Investors, LLC, Charles C. Carroll, Tax Matters Partner v. CommissionerUnited States Tax Court · 2015