Distinguished
Distinguished by Lomas Santa Fe, Inc. v. Commissioner, 693 F.2d 71 (1982)
We also reject the taxpayer’s argument that this transaction is comparable to the sales-leaseback transaction considered by the Tax Court in Century Electric Co. v. Commissioner, 15 T.C. 581 (1950), aff’d, 192 F.2d 155 (8th Cir.1951), cert. denied, 342 U.S. 954, 72 S.Ct. 625, 96 L.Ed. 708 (1952).
The opinion
Leech, J., concurring: Assuming there was an “exchange,” I think the petitioner, on this record, has failed to establish the fact of a loss. On this ground I would decide the case, as it has been decided, for the respondent.
Turner, Disney, Raum, and Rice, JJ., agree with this concurring opinion.