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ACRS. Norwest Corp. & Subs. v. Commissioner, 108 T.C.
___ (1997), is followed.
2. Held, further: Drop and block is 5-year
property under sec. 168(c)(2)(B), I.R.C.
Jay H. Zimbler, Michael A. Clark, Michael R. Schlessinger,
and William J. McKenna, Jr., for petitioner.
Alan M. Jacobson, John W. Duncan,and Patricia Pierce Davis,
for respondent.
HALPERN, Judge: Respondent determined deficiencies in
petitioner's Federal income taxes for the years and in the
amounts as follows:
Year Deficiency
1982 $7,400,722
1983 39,996
1984 318,791
1985 157,987
Sprint Corporation (Sprint or petitioner) is a Kansas
corporation with its principal office in Westwood, Kansas.
Formerly known as United Telecommunications, Inc., petitioner
officially changed its name to Sprint Corporation as of February
26, 1992. Unless otherwise noted, references herein to Sprint
and petitioner will include the period during which petitioner
was known as United Telecommunications, Inc. Petitioner filed
consolidated Federal income tax returns for itself and its
eligible subsidiaries for the 1982, 1983, 1984, and 1985 taxable
years.
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