Legal Opinion
Delbert W. Coleman and Karen A. Graham v. Commissioner of Internal Revenue
Court of Appeals for the Seventh Circuit
Decided February 23, 1994No. 92-1902, 92-1903PublishedCited by 54 opinions
1Opinion of the Court
CUDAHY, Circuit Judge.
These consolidated tax appeals involve a 1975 computer sale and leaseback transaction between Bari Associates (Bari) and CIG Computer Products, Inc. (CIG Products). Delbert W. Coleman 1 is one of twenty-two limited partners in Bari, a Connecticut limited partnership. As a result of the transaction, Bari reported substantial losses in the tax years 1975 and 1976, primarily based on depreciation expenses that exceeded income. Coleman and the other Bari investors allocated these losses among themselves and applied them as deductions in computing their respective federal…
2Cases cited27 opinions
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- Montana v. United StatesSupreme Court of the United States · 1979
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Blonder-Tongue Laboratories, Inc. v. University of Illinois FoundationSupreme Court of the United States · 1971
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3Cited by54 opinions
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- Enzo Biochem, Inc. v. Calgene, Inc., Defendant-CrossCourt of Appeals for the Federal Circuit · 1999
- Seymour Sacks Star Sacks v. Commissioner, Internal Revenue Service, Michael R. Geyser Joyce Geyser v. Commissioner, Internal Revenue ServiceCourt of Appeals for the Ninth Circuit · 1995
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- James A. Pittman v. Commissioner of Internal RevenueCourt of Appeals for the Seventh Circuit · 1996
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