- 19 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19
Last modified: May 25, 2011