John D. Upham, and Estate of Marion B. Upham, Deceased, John D. Upham, Personal Representative v. Commissioner of Internal Revenue

BRIGHT, Senior Circuit Judge.

John D. Upham and the Estate of Marion B. Upham appeal the decision of the United States Tax Court 1 in favor of the Commissioner of the Internal Revenue Service (Commissioner). The appeal relates to certain disallowed deductions and an investment tax credit flowing from John D. Up-ham’s share as a limited partner in an investment partnership which purchased rights in a motion picture. Taxpayer 2 primarily contends that the tax court erred in finding that the partnership had not acquired any substantial ownership of the film, but only a contract right to…