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the taxpayer is a question of fact that must be ascertained from
the intention of the parties as established by the written
agreements read in light of the attending facts and
circumstances. Grodt & McKay Realty, Inc. v. Commissioner, supra
at 1237. Thus, the Court will look to the substance of the
agreement between the taxpayer and the seller and not just to the
labels used in those agreements. Sprint Corp. v. Commissioner,
108 T.C. 384, 397 (1997); cf. Gregory v. Helvering, 293 U.S. 465,
468-470 (1935). Some of the factors that have been considered by
courts include: (1) Whether legal title passes; (2) how the
parties treat the transaction; (3) whether an equity was acquired
in the property; (4) whether the contract creates a present
obligation on the seller to execute and deliver a deed and a
present obligation on the purchaser to make payments; (5) whether
the right of possession is vested in the purchaser; (6) which
party pays the property taxes; (7) which party bears the risk of
loss or damage to the property; and (8) which party receives the
profits from the operation and sale of the property. Grodt &
McKay Realty, Inc. v. Commissioner, supra at 1237-1238.
Petitioner contends that he “purchased” the pay phones from
ATC and, therefore, held the benefits and burdens of ownership
with respect to the pay phones. After considering the relevant
factors and weighing the facts and circumstances surrounding the
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