Commonwealth v. Lumpkin, R.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• \The fact that favorable tax consequences were taken into account ... on entering into [a] transaction is no reason for disallowing those consequences\ where the transaction has a legitimate business purpose.
• “The general characterization of a transaction for tax purposes is a question of law....”
• “The fact that favorable tax consequences were taken into account by Lyon on entering into the transaction is no reason for disallowing those consequences. We cannot ignore the reality that the tax laws affect the shape of nearly every business transaction.”
• 6 percent of the purchase price
• “objective economic realities” are controlling

Source: CourtListener parenthetical corpus (CC0).