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eBook details

• Title: Rose V. Commissioner Of Internal Revenue
• Author : United States Court Of Appeals For The Sixth Circuit
• Release Date : January 27, 1989
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 64 KB

Description

James L. and Judy S. Rose, the taxpayers, appeal from the tax court's determination, 88 T.C. 386-1/2 (1987). The tax court found that their purchase of "reproduction masters" of Picasso originals from Jackie Fine Arts lacked economic substance apart from anticipated tax benefits. It also concluded that the taxpayers were not entitled to depreciation or miscellaneous deductions or investment tax credits on the property acquired and, in addition, they were liable for additional interest under § 6621(d)*fn1 which provides for interest on substantial under-payments attributable to tax motivated transactions.

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