COLEMAN v. C.I.R.

Nos. 92-1902, 92-1903.

16 F.3d 821 (1994)

Delbert W. COLEMAN and Karen A. Graham, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided February 23, 1994.


Attorney(s) appearing for the Case

David J. Fischer, Stuart E. Horwich, Roger A. Pies (argued), Zapruder & Odell, Washington, DC, for petitioners-appellants.

Richard Farber, Gary R. Allen, Bridget Rowan, Frank P. Cihlar (argued), Dept. of Justice, Tax Div., Appellate Section, Washington, DC, for respondent-appellee.

Before CUDAHY, FLAUM, and KANNE, Circuit Judges.


CUDAHY, Circuit Judge.

These consolidated tax appeals involve a 1975 computer sale and leaseback transaction between Bari Associates (Bari) and CIG Computer Products, Inc. (CIG Products). Delbert W. Coleman1 is one of twenty-two limited partners in Bari, a Connecticut limited partnership. As a result of the transaction, Bari reported substantial losses in the tax years 1975 and 1976, primarily based on depreciation expenses that exceeded...

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