OWEN v. C.I.R.

No. 88-7026.

881 F.2d 832 (1989)

William F. OWEN, Jr.; Gretchen K. Owen, Petitioners-Appellants, v. COMMISSIONER INTERNAL REVENUE SERVICE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided August 9, 1989.

Attorney(s) appearing for the Case

Kevin M. Klemz, Oppenheimer, Wolff & Donnelly, Minneapolis, Minn., for petitioners-appellants.

William S. Rose, Asst. U.S. Atty. Gen., Tax Div., Washington, D.C., for respondent-appellee.

Before HALL, WIGGINS and THOMPSON, Circuit Judges.

DAVID R. THOMPSON, Circuit Judge:

William and Gretchen Owen appeal the tax court's decision denying them certain investment tax credits and forcing them to recognize a taxable gain on a 1981 transfer of equipment. Owen v. Commissioner, 53 T.C.M. (CCH) 1480 (1987). We have jurisdiction under 26 U.S.C. § 7482. We affirm.



Over the years, William Owen participated in several business ventures...

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