- 5 - not the proper method for depreciating a rental units inventory. Further, the controlling result was limited to the final outcome of the appeal to the Fifth Circuit. If the income forecast method had been found to be permissible, it would have then been necessary to consider the underlying facts in this case to determine whether petitioner qualifies. The Court of Appeals for the Fifth Circuit affirmed this Court’s decision without published opinion. Petitioner here argues that the Court of Appeals' failure to issue a published opinion does not comply with paragraph five of the parties’ stipulation or agreement, which comes into play “If the Circuit Court determines the income forecast method of depreciation is not a proper method for depreciating the rental units”. It is petitioner's position that the Court of Appeals’ affirmance without published opinion is not a determination by the Court of Appeals. This argument is without merit. By affirming this Court's decision, the Court of Appeals has made the requisite determination. Accordingly, this Court’s opinion in El Charro I is dispositive. Our review of ABC Rentals of San Antonio, Inc. v. Commissioner, T.C. Memo. 1994-601, affd. without published opinion sub nom. El Charro TV Rental, Inc. v. Commissioner, 79 F.3d 1145 (5th Cir. 1996), and revd. and remanded 97 F.3d 392 (10th Cir. 1996), reveals that this Court did consider and decidePage: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011