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Misko v. Commissioner

90 T.C.M. 15 (2005)

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Misko v. Commissioner

United States Tax Court
90 T.C.M. 15 (2005)

Facts

Fred Misko (plaintiff) was an experienced lawyer who bought and used expensive video equipment to make video presentations for use at trial. Misko used the video equipment solely for his law firm and derived no personal pleasure or recreation from using the equipment. Misko also lectured other lawyers on how to make video presentations for trials and, on his accountant’s advice, leased out the video equipment and collected rental payments. Misko kept records related to the video equipment, including tracking amounts invested and rents received. Misko took deductions on his income taxes for depreciation on the leased equipment. The Commissioner of Internal Revenue (the commissioner) (defendant) denied the deductions for 1998 and 1999 and issued a deficiency notice, asserting that Misko could not deduct the depreciation because he was not engaged in the equipment-leasing activity for profit. Misko challenged the deficiency notice in the United States Tax Court, arguing that he intended to profit from the equipment-leasing activity.

Rule of Law

Issue

Holding and Reasoning (Kroupa, J.)

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Federal Income Tax

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