Estate of Delman v. Commissioner
United States Tax Court
Equipment Leasing, in which petitioners were general partners, purchased equipment for a price of $ 1,284,612 by nonrecourse financing.
Read the full summary
Equipment Leasing, in which petitioners were general partners, purchased equipment for a price of $ 1,284,612 by nonrecourse financing. When the equipment was subsequently repossessed, its fair market value was $ 400,000, Equipment Leasing's adjusted basis in the property was $ 504,625.80, and the outstanding balance of the nonrecourse financing was $ 1,182,542.07. Held, the gain realized by Equipment Leasing upon the repossession was the amount by which the balance of the nonrecourse financing exceeded the adjusted basis. Held, further, under sec. 1245, I.R.C. 1954, the gain realized is…
1Opinion of the Court
Dawson, Judge:
Respondent determined deficiencies in the Federal income taxes of petitioners for the taxable year 1973 as follows:
Petitioners Deficiency
Estate of Jerrold Delman, deceased, Sidney Peilte, administrator . $9,574.16
Joseph Kroot and Rochelle Kroot . 27,984.00
Meredith Nicholson and Elizabeth C. Nicholson. 7,655.00
Gary Ruben and Irene Ruben . 35,495.00
Alan I. Klineman and Dorothy C. Klineman . 39,724.00
James Klineman and Elaine Klineman . 9,577.00
Sam Solotkin and Lillian Solotkin . $5,684.68
Louis F. Cohen and Marcia Cohen . 508.00
Robert A. Rose and Phyllis Rose . 27,415.45
Edgar S.…
2Cases cited41 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Crane v. CommissionerSupreme Court of the United States · 1947
- United States v. Kirby Lumber CoSupreme Court of the United States · 1931
- Helvering v. HammelSupreme Court of the United States · 1941
- Alice Phelan Sullivan Corporation, a California Corporation v. The United StatesUnited States Court of Claims · 1967
36 more not listed; retrieve them via the Exa API.
3Cited by39 opinions
- Freeland v. CommissionerUnited States Tax Court · 1980
- Stephen Babin Betty Boehm Babin v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1994
- Gershkowitz v. CommissionerUnited States Tax Court · 1987
- Nelson v. CommissionerUnited States Tax Court · 1998
- Allan v. CommissionerUnited States Tax Court · 1986
34 more not listed; retrieve them via the Exa API.