No. 921, Docket 90-4127.

933 F.2d 143 (1991)

Howard GILMAN, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided May 14, 1991.

Attorney(s) appearing for the Case

R. Donald Turlington, New York City (James A. Gouwar, Bennett I. Deutsch, Stuart B. Katz, Brown & Wood, New York City, on the brief), for petitioner-appellant.

Jonathan S. Cohen, Tax Div., Dept. of Justice, Washington, D.C. (Shirley D. Peterson, Asst. Atty. Gen., Gary R. Allen, Nancy G. Morgan, Tax Div., Dept. of Justice, Washington, D.C., on the brief), for respondent-appellee.

Before NEWMAN and ALTIMARI, Circuit Judges, and CONBOY, District Judge.

JON O. NEWMAN, Circuit Judge:

The principal issue on this appeal is whether a sale/leaseback transaction had sufficient economic substance to warrant income tax deductions for depreciation and interest. Howard Gilman appeals from the December 28, 1989, decision of the Tax Court (Charles E. Clapp II, Judge) upholding the disallowance of deductions and imposing a penalty tax and a penalty interest rate because of a valuation overstatement. We affirm.


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