“[I]t is ultimately up to the taxpayer and not the courts to structure transactions in a manner eligible for favorable tax treatment . . . .”
How later courts described this case
- “[I]t is ultimately up to the taxpayer and not the courts to structure transactions in a manner eligible for favorable tax treatment . . . .”
Written by the judges who cited it.
The opinion
PREGERSON, Circuit Judge,
dissenting.
I dissent. The transaction described in the Majority’s Opinion was structured by the taxpayer for valid business purposes. I am of the view that the estate for years retained by taxpayer satisfies the requirements for a depreciation deduction under I.R.C. § 167. I do not find this result to be unsettling, but if it is, then Congress should take the appropriate corrective action to amend the statute.