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losses that Hamilton had reported on its 1982, 1983, and 1984
Federal income tax returns and determined that Hamilton did not
incur “a loss in a trade or business or in an activity entered
into for profit or with respect to property held for the
production of income.” In the FPAA’s, respondent also determined
that for purposes of the investment tax and business energy
credits Hamilton’s basis in the recycling equipment was zero,
rather than $7 million.
Subsequently, a petition was filed by Hamilton’s TMP. On
February 23, 1994, the Court entered a decision in Hamilton
Recycling Associates v. Commissioner, docket No. 9990-89. This
decision reflects a full concession by Hamilton of all items of
income, loss, and the underlying equipment valuation used for tax
credit purposes.
D. Richard C. Schluter
Richard C. Schluter (Schluter) is a certified public account
(C.P.A.), who practiced from 1964 until his retirement in 1991.
Much of his practice related to the construction industry, and
many of his clients needed bonding for contracts. Also, he
represented individuals, and about half his practice was tax-
related.
In the late 1960’s, Schluter became involved with various
aspects of tax shelter promotions. From 1971 until his
retirement, Schluter compiled public offering securities audits,
mostly for tax shelter promotions. Schluter also reviewed tax
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