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After concessions by the parties, the issues remaining for
decision are (1) whether petitioner may allocate the cost of
certain property to the bases of other properties, (2) whether
petitioner is entitled to a loss deduction under section 165(a)
for the cost of certain property, (3) whether petitioner may
disavow the form of a transaction relating to certain property,
(4) whether petitioner is entitled to refunds of tax paid
pursuant to section 56(a), (5) the applicable recovery period for
determining depreciation deductions with respect to certain
furniture and fixtures, and (6) the appropriate method for
determining that portion of a consolidated net operating loss
attributable to the bad debt deductions of the bank members of an
affiliated group. Some of the facts have been stipulated and are
so found. The stipulations of facts filed by the parties, with
accompanying exhibits, are incorporated herein by this reference.
The parties have made 150 separate stipulations of fact,
occupying more than 40 pages, and there are 174 accompanying
exhibits. We shall set forth only those stipulated facts that
are necessary to understand our report, along with other facts
that we find.
Unless otherwise noted, all section references are to the
Internal Revenue Code in effect for the years in issue, and all
Rule references are to the Tax Court Rules of Practice and
Procedure.
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Last modified: May 25, 2011