Legal Opinion
United States v. Philatelic Leasing, Ltd., Melvin Hersch, and Hambrose Stamps, Ltd.
Court of Appeals for the Second Circuit
Decided June 26, 1986No. 763, 817, Dockets 85-6198, 85-6200PublishedCited by 30 opinions
1Opinion of the Court
OAKES, Circuit Judge:
The sale of tax shelters, by which taxpayers/investors obtain credits and deduc tions in return for investments involving risk, has lent itself to sufficient abuses to prompt statutory reform separate from the tax reform presently being discussed in the halls of Congress. The Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”), Pub.L. No. 97-248, 96 Stat. 324 (pertinent portions codified in scattered sections of Title 26), sought to check the abuses by providing that anyone organizing or selling an interest in a tax shelter who makes “a gross valuation…
2Cases cited19 opinions
- Allied Chemical Corp. v. Daiflon, Inc.Supreme Court of the United States · 1980
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Higgins v. SmithSupreme Court of the United States · 1940
- Dyer v. MacDougallCourt of Appeals for the Second Circuit · 1952
- Rice's Toyota World, Inc. (Formerly Rice Auto Sales, Inc.) v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1985
14 more not listed; retrieve them via the Exa API.
3Cited by30 opinions
- United States v. Joseph Aracri, John Papandon, and Anthony ZummoCourt of Appeals for the Second Circuit · 1992
- Arbitrium (Cayman Islands) Handels AG v. JohnstonCourt of Chancery of Delaware · 1997
- Newmyer v. Philatelic Leasing, Ltd.Court of Appeals for the Sixth Circuit · 1989
- United States v. Allen F. Campbell and A.F. Campbell & Co., Inc.Court of Appeals for the Fifth Circuit · 1990
- Lightfoot v. District of ColumbiaDistrict Court, District of Columbia · 2008
25 more not listed; retrieve them via the Exa API.