LaPoint v. Commissioner
United States Tax Court
P owned 13 rental properties. In 1983, P purchased a new BMW which she used to inspect and maintain said properties. P claimed entitlement to an investment tax credit with respect to her acquisition of the BMW. Held, because the BMW was used in connection with the furnishing of lodging, it is not sec. 38 property; hence, P is not entitled to the claimed investment tax credit.
1Opinion of the Court
JACOBS, Judge:
Respondent determined a deficiency of $8,214.58 in petitioner’s 1983 income tax.
After concessions, the issues for decision are: (1) The characterization of certain renovations which petitioner made to 3 of her 13 rental properties (i.e., whether said renovations constituted repairs or capital improvements); (2) whether petitioner is entitled to an investment tax credit with respect to an automobile used in connection with her rental activities; and (3) whether petitioner is liable for the alternative minimum tax under section 55.1
FINDINGS OF FACT
Some of the facts have been…
2Cases cited1 opinion
- Segel v. CommissionerUnited States Tax Court · 1987
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