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6621(c)(3)(A)(v). The statutory language encompasses
transactions which lack a profit objective and which are without
economic substance. Cherin v. Commissioner, 89 T.C. 986, 1000
(1987).
This Court has previously held that the container leasing
program promoted by GD&L lacked economic substance and was a
factual sham. See Cleland v. Commissioner, T.C. Memo. 1993-589;
Shortal v. Commissioner, T.C. Memo. 1992-560; Weiler v.
Commissioner, T.C. Memo. 1990-562. Petitioners introduced no
evidence that the container leasing program was not an economic
sham. Accordingly, the increased rate of interest applies to the
underpayment attributable to all deductions and credits taken
with respect to the container program.
We have considered all arguments made by the petitioners
and, to the extent not addressed herein, have found them to be
without merit.
In order to reflect our disposition of the disputed issues,
as well as the parties' concessions and stipulations,
Decision will be entered
under Rule 155.
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