- 4 - Projections...................... 123 f. Insertion of Other Entities...... 128 B. Lack of Profit Objective of the Employee Leasing Partnerships.............. 129 II. The Pettisanis Are Not Entitled to Deductions for Interest Claimed on Their Long-Term Notes............................... 138 III. Intercoastal Is Not Entitled To Deduct From Its Income the Accrued Interest, Management Fees, or Override Payments to the Leasing Partnerships.................................. 141 IV. The Transactions at Issue Are Not Recognized for Purposes of Claiming Deductions or Reporting Income................ 145 A. In Summary................................. 145 B. No Procedural Defense to Determined Deficiencies............................... 146 C. No Need To Address Other Issues............ 151Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011