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Tax Law Roundup current law developments in U.S. taxation

Category Archives: Leasing

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Tax Court Joins 2nd, 4th, and Federal Circuits in Denying Tax Benefits from SILO and LILO Leasing Transactions

Posted in General, Leasing, Real Estate, Tax Shelters

The IRS continues its winning streak in striking down lease-in-lease-out (LILO) and sale-in-lease-out (SILO) transactions with the Tax Court in John Hancock v. Comm’r joining the 2nd, 4th, and Federal Circuits in recasting the purported leases and denying the taxpayer deductions for depreciation and interest expense. Hancock participated in 19 LILO transactions and 8 SILO… Continue Reading