Greene v. Commissioner
United States Tax Court
A partnership, of which petitioners were members, was the lessee of equipment. Held: Upon a motion by petitioners for summary judgment that, even assuming that elements of business purpose, economic substance, and profit motive independent of tax benefits should not be taken into account in determining the applicability of the safe-harbor leasing provisions of sec. 168(f)(8), I.R.C. 1954, they may be considered in determining the true nature and validity for Federal income…
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A partnership, of which petitioners were members, was the lessee of equipment. Held: Upon a motion by petitioners for summary judgment that, even assuming that elements of business purpose, economic substance, and profit motive independent of tax benefits should not be taken into account in determining the applicability of the safe-harbor leasing provisions of sec. 168(f)(8), I.R.C. 1954, they may be considered in determining the true nature and validity for Federal income tax purposes of a series of transactions of which the lease was a part. Consequently, petitioners' motion for summary…
1Opinion of the Court
OPINION
TANNENWALD, Judge:
Respondent determined a deficiency of $53,202.25 in petitioners’ 1981 Federal income tax based on the disallowance of certain deductions in respect of recycling equipment.
This case is before us on petitioners’ motion for summary judgment. It is one of a number of cases involving the same or similar arrangements in respect of the impact of the safe-harbor leasing provisions of section 168(f)(8) 1 on leases of such equipment. The Court is in the process of coordinating the trial of one or more of such cases and it is clear that our disposition of the within motion will…
2Cases cited3 opinions
- C. D. Spangler and Veva C. Spangler v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1960
- Spangler v. CommissionerUnited States Tax Court · 1959
- Casanova Co. v. CommissionerUnited States Tax Court · 1986
3Cited by10 opinions
- Norfolk Southern Corp. v. CommissionerUnited States Tax Court · 1995
- Provizer v. CommissionerUnited States Tax Court · 1992
- Eisenberg v. CommissionerUnited States Tax Court · 1995
- Pearlman v. CommissionerUnited States Tax Court · 1995
- Armstrong World Industries, Inc. v. CommissionerUnited States Tax Court · 1991
5 more not listed; retrieve them via the Exa API.