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HINES v. U.S.

Nos. 89-3347, 89-3379.

912 F.2d 736 (1990)

Mark S. HINES, and wife; Lisa B. Hines, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant. Mark S. HINES, and wife; Lisa B. Hines, Plaintiffs-Appellees, v. UNITED STATES of America, Defendant-Appellant.

United States Court of Appeals, Fourth Circuit.

Decided September 4, 1990.

Attorney(s) appearing for the Case

David Michael Moore, argued (Shirley D. Peterson, Asst. Atty. Gen., Gary R. Allen, David I. Pincus, Margaret P. Currin, U.S. Atty., Raleigh, N.C., on brief), Tax Div., U.S. Dept. of Justice, Washington, D.C., for defendant-appellant.

J. Troy Smith, Jr., argued (Leigh A. Allred, on brief), Ward and Smith, P.A., New Bern, N.C., for plaintiffs-appellees.

Before POWELL, Associate Justice (Retired), United States Supreme Court, sitting by designation, and RUSSELL and WILKINSON, Circuit Judges.

WILKINSON, Circuit Judge:

Here the government appeals the judgment of the district court in favor of taxpayers Mark and Lisa Hines allowing them to claim substantial depreciation and investment interest deductions stemming from the purchase and lease of a quantity of computer equipment in 1981. The district court rejected the government's contention that the investment scheme constituted a "sham" transaction designed solely to obtain tax benefits. The court also found...

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