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SACKS v. COMMISSIONER, I.R.S.

Nos. 93-70401, 93-70724.

69 F.3d 982 (1995)

Seymour SACKS; Star Sacks, Petitioners-Appellants, v. COMMISSIONER, INTERNAL REVENUE SERVICE, Respondent-Appellee. Michael R. GEYSER; Joyce Geyser, Petitioners-Appellants, v. COMMISSIONER, INTERNAL REVENUE SERVICE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided October 31, 1995.

Attorney(s) appearing for the Case

Richard C. Onsager, Jennings, Strouss & Salmon (on the briefs), Phoenix, Arizona; and Robert J. Lord, Sacks, Tierney & Kasen, (argued), Phoenix, Arizona, for petitioners-appellants.

Gary R. Allen, (on the briefs), and Thomas J. Clark, (argued), Tax Division, United States Department of Justice, Washington, D.C., for respondent-appellee.

Before: GOODWIN, O'SCANNLAIN and KLEINFELD, Circuit Judges.

KLEINFELD, Circuit Judge:

Mr. Sacks invested in solar energy devices. The Internal Revenue Service disallowed his depreciation deductions and investment tax credits on the ground that his sale and leaseback transactions were shams. The IRS prevailed in Tax Court, but we reverse.

I. FACTS

In the 1970's, after the country suffered through the Arab oil embargo and a sharp increase in the price of oil, some people thought that the world would...

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