Whitmire v. Commissioner
United States Tax Court
HELD: Notwithstanding the recourse nature of a third-party bank loan, due to various loss-limiting features associated with a computer equipment leasing transaction, petitioner is not to be regarded as at risk under sec. 465, I.R.C., with regard to related partnership debt obligations.
1Opinion of the Court
OPINION
Swift, Judge:
This matter is before the Court on the parties’ cross-motions for partial summary judgment. Rule 121(b). This is a test case, and the motions for partial summary judgment raise an issue that will affect the outcome of other cases.
These cross-motions raise the general question of whether petitioner is to be regarded as at risk within the meaning of section 465 with regard to partnership debt obligations associated with a computer equipment leasing transaction. More specifically, these motions raise the question as to whether, notwithstanding the recourse nature of a…
2Cases cited19 opinions
- Sundstrand Corporation v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1994
- Sundstrand Corp. v. CommissionerUnited States Tax Court · 1992
- Levy v. CommissionerUnited States Tax Court · 1988
- Larsen v. CommissionerUnited States Tax Court · 1987
- Capek v. CommissionerUnited States Tax Court · 1986
14 more not listed; retrieve them via the Exa API.
3Cited by5 opinions
- Robert L. Whitmire v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1999
- United States v. TuffDistrict Court, W.D. Washington · 2005
- Robert L. Whitmire v. CommissionerUnited States Tax Court · 1997
- Whitmire v. CommissionerUnited States Tax Court · 1997
- Yeomans v. Comm'rUnited States Tax Court · 2009