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MARTENS v. COMMISSIONER

Docket No. 39439-87.

58 T.C.M. 1288 (1990)

T.C. Memo. 1990-42

Vernon E. Martens and Lucille E. Martens v. Commissioner.

United States Tax Court.

Filed January 23, 1990.

Attorney(s) appearing for the Case

Vernon E. Martens, Jr., 10 Melrose Pl., Montclair, N.J., Christian Camenisch II, and William Jordan Temple, for the petitioners. Lindsey D. Stellwagen, for the respondent.

Memorandum Findings of Fact and Opinion

WILLIAMS, Judge:

The Commissioner determined deficiencies in petitioners' Federal income tax for 1982 and 1983 in the amounts of $119,414 and $63,370, respectively. After concessions, the issues remaining are: (1) whether petitioners engaged in their construction equipment leasing activity for profit within the meaning of section 183;1 (2) if so, whether petitioners overstated depreciation...

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