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and regulations, could have specifically denied the protection
provided by section 7701(h) to lease transactions such as those
in issue in the instant case where "the total rental payments
paid all but a nominal amount of the cost of the leased
property." Swift Dodge v. Commissioner, 76 T.C. at 572.
Congress, however, did not elect to place such limitations in
section 7701, and it is not within our province to do what
Congress failed to do or elected not to do. See Hanover Bank v.
Commissioner, 369 U.S. 672, 688 (1962).
Consequently, we will adhere to the plain language of
section 7701(h). As required by that section, we will analyze
the lease transactions without the TRAC; that is, we will look at
the lease transactions as if the lessors received possession of
the trucks at the end of the lease term without any obligation to
sell them and remit to Country-Fed any proceeds which exceed the
base price plus the cost of arranging the sale. Moreover, as a
result of our disregarding the TRAC, we regard any sale of the
trucks to Country-Fed under the provisions of the McCullagh or
World Omni master leases10 as sales at fair market value as
required by the master leases.11
10 The ARI master lease specifically provides that Country-Fed
has no option to purchase the truck at the end of the lease term.
11 That Country-Fed in fact paid only a nominal price for the
purchase of the trucks at the end of the lease term is a direct
(continued...)
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