- 37 - I agree with respondent’s observation. Although “section 465 had its origins in Congress’ concern over the use of nonrecourse financing or other devices in tax oriented investments, the scope of section 465 is not limited to tax shelters.” Lansburgh v. Commissioner, 92 T.C. 448, 451 (1989) (citing Peters v. Commissioner, 77 T.C. 1158, 1165 (1981)). The legislative intent of section 465--to forestall current reductions in income tax liability arising from basis step-ups that haven’t been and won’t be paid for--prescribes yet another antidote for the unpaid basis step-ups claimed by petitioners in the case at hand and other pending cases. HALPERN, J., agrees with this concurring opinion.Page: Previous 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 Next
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