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McNAMARA v. C.I.R.

No. 86-2739.

827 F.2d 168 (1987)

Donald G. McNAMARA and Valerie J. McNamara, and Robert F. Christiansen and Lucille L. Christiansen, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 19, 1987.

Attorney(s) appearing for the Case

John F. Emanuel, Wyte & Hirschboeck, S.C., Milwaukee, Wis., for petitioners-appellants.

James S. Kimball, Appellate Section, Tax Div., Dept. of Justice, Washington, D.C., for respondent-appellee.

Before CUMMINGS, FLAUM and EASTERBROOK, Circuit Judges.

CUMMINGS, Circuit Judge.

The Internal Revenue Code of 1954 allowed a tax credit for investment in certain depreciable property.1 26 U.S.C. § 38. Noncorporate lessors of qualifying property were permitted to claim the credit provided that the conditions set out in 26 U.S.C. § 46(e)(3) were satisfied. In this case the taxpayers formed a partnership which leased certain qualifying property...

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