For Your Data Leslie Co. V. Commissioner Example Brief
October 14, 2016
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Leslie Co. v. Commissioner representative brief
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539 F.2d 943, 1976 U.S. App. 76-2 U.S. Tax Cas. (CCH) P9553; 38 A.F.T.R.2d (RIA) 5458
CASE SYNOPSIS: Appellant challenged a determination of the U.S. Tax Court which held that appellee could claim a loss where the fee conveyance facial expression of the transaction was a sale entitled to recognition when appellant claimed deficiencies nether I.R.C. § 1031 for a like-kind exchange.
FACTS: Appellee entered into an understanding to buy property. Appellee was to erect a institute in addition to sell the edifice to roughly other company. At the fourth dimension of purchase, the other society agreed to lease dorsum the facility to appellee. Appellee reported in addition to deducted a loss on its corporate income revenue enhancement supply for the loss on the sale of the property. Appellant disallowed the claimed loss in addition to alleged that the sale in addition to leaseback transaction was an telephone commutation of like-kind belongings inside the range of I.R.C. § 1031. Appellee contended that the belongings was a sale, therefore, the loss was recognized. The courtroom held that the conveyance of the belongings was a sale in addition to appellee could own got a deduction for the loss. Appellee had sold the belongings unconditionally in addition to leased dorsum for fair value. Further, the belongings was transferred for coin consideration only.
CONCLUSION: The courtroom affirmed the revenue enhancement court's holding that appellant could non accuse deficiencies when appellee claimed a loss on a leaseback because appellant had sold the belongings unconditionally in addition to leased dorsum for fair value in addition to the belongings was transferred for coin consideration only.
FACTS: Appellee entered into an understanding to buy property. Appellee was to erect a institute in addition to sell the edifice to roughly other company. At the fourth dimension of purchase, the other society agreed to lease dorsum the facility to appellee. Appellee reported in addition to deducted a loss on its corporate income revenue enhancement supply for the loss on the sale of the property. Appellant disallowed the claimed loss in addition to alleged that the sale in addition to leaseback transaction was an telephone commutation of like-kind belongings inside the range of I.R.C. § 1031. Appellee contended that the belongings was a sale, therefore, the loss was recognized. The courtroom held that the conveyance of the belongings was a sale in addition to appellee could own got a deduction for the loss. Appellee had sold the belongings unconditionally in addition to leased dorsum for fair value. Further, the belongings was transferred for coin consideration only.
CONCLUSION: The courtroom affirmed the revenue enhancement court's holding that appellant could non accuse deficiencies when appellee claimed a loss on a leaseback because appellant had sold the belongings unconditionally in addition to leased dorsum for fair value in addition to the belongings was transferred for coin consideration only.
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