Legal Opinion
Magnolia Surf, Inc. v. Commissioner of Internal Revenue
Court of Appeals for the First Circuit
Decided December 31, 1980No. 80-1137PublishedCited by 19 opinions
1Opinion of the Court
KEETON, District Judge.
The taxpayer, Magnolia Surf, Inc. (“Magnolia Surf”), appeals from a decision of the United States Tax Court holding that certain personal property of a restaurant business it acquired on April 1, 1971, pursuant to a purchase and sale agreement entered into on February 24, 1971, was not eligible for the .investment tax credit established by section 38 for property described by sections 46 through 50 of the Internal Revenue Code of 1954, as those provisions were in effect in 1971. 1 For the relevant period, 26 U.S.C. § 50(a)(2)(B) allowed a credit for otherwise qualified…
2Cases cited4 opinions
- Lazisky v. CommissionerUnited States Tax Court · 1979
- Eldon S. Chapman v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
- Silverman & Sons Realty Trust v. Commissioner of Internal RevenueCourt of Appeals for the First Circuit · 1980
- Maid of the Mist Corporation and Affiliated Corporations v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1979
3Cited by19 opinions
- Groetzinger v. CommissionerUnited States Tax Court · 1986
- Anderson v. CommissionerUnited States Tax Court · 1984
- Park Properties Associates, L.P. v. United StatesUnited States Court of Federal Claims · 2008
- Glisson v. CommissionerUnited States Tax Court · 1981
- Kreider v. CommissionerUnited States Tax Court · 1984
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