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In this case, resolution of the at-risk issue is based
partly on a conclusion drawn from complex and interrelated
contractual documents. See Waters v. Commissioner, T.C. Memo.
1991-462, affd. 978 F.2d 1310 (2d Cir. 1992). The facts of this
case are similar to the facts of a number of other cases in which
taxpayers prevailed and were found by this Court to be at risk
with respect to sale-leaseback transactions. See, e.g., Levy v.
Commissioner, 91 T.C. 838 (1988); Gefen v. Commissioner, 87 T.C.
1471 (1986); Brady v. Commissioner, T.C. Memo. 1990-626; Emershaw
v. Commissioner, T.C. Memo. 1990-246, affd. 949 F.2d 841 (6th
Cir. 1991). We have also found that many similarly situated
taxpayers, who did not prevail and were found to be not at risk,
nevertheless had substantial authority for positions taken on
their returns. See Estate of Bradley v. Commissioner, T.C. Memo.
1997-341; Waters v. Commissioner, supra; Epsten v. Commissioner,
T.C. Memo. 1991-252; Moser v. Commissioner, T.C. Memo. 1989-142,
affd. 914 F.2d 1040 (8th Cir. 1990); B & A Distrib. Co. v.
Commissioner, T.C. Memo. 1988-589.
On the facts of this case, with regard to the at-risk issue,
we find that there existed substantial authority for petitioners'
return position. We therefore hold that petitioners are not
liable for the section 6661 additions to tax.
To reflect the foregoing,
Decision will be
entered under Rule 155.
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