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HOISINGTON v. C.I.R.

No. 85-1229.

833 F.2d 1398 (1987)

John R. HOISINGTON and Marilyn J. Hoisington, William H. Graves and Helen M. Graves, James T. Graves and Karen M. Graves, Ronald E. Williams and Angela J. Williams, Planters Bank and Trust Company, Executor of the Estate of Dwight L. Graves, Deceased, and Elizabeth E. Graves, John J. Graves and Sharon L. Lewis, formerly Sharon L. Graves, Kenneth E. Wallace and Bronice Wallace, Lowell P. Graves and Wilda J. Graves, Plaintiffs-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Defendant-Appellee.

United States Court of Appeals, Tenth Circuit.

November 25, 1987.

Attorney(s) appearing for the Case

Thomas J. Kennedy (Daniel K. Diederich, with him on briefs), Kennedy Berkley Yarnevich & Williamson, Chartered, Salina, Kan., for plaintiffs-appellants.

Douglas G. Coulter (Glenn L. Archer, Jr., Asst. Atty. Gen., Michael L. Paup and Robert A. Bernstein, with him on briefs), Tax Div., Dept. of Justice, Washington, D.C., for defendant-appellee.

Before SEYMOUR, SETH and ANDERSON, Circuit Judges.

STEPHEN H. ANDERSON, Circuit Judge.

During the years in issue section 46(e)(3)(B) of the Internal Revenue Code of 1954 ("Code")1 permitted an investment credit to noncorporate lessors only if, among other requirements, "the term of the lease (taking into account options to renew) is less than 50 percent of the useful life of the property." A partnership formed by the taxpayers involved in this case purchased and leased twenty-two trucks...

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