https://www.taxtmi.com/caselaws?id=190420 A pre-ordained composite film-financing arrangement had to be viewed as a whole for tax purposes, so self-cancelling steps and other commercially unreal elements were disregarded. The partnership's real expenditure was limited to the amount actually contributed and put at risk, not the larger figure routed through the scheme account. Applying that principle, first-year allowance was available only on $3.25m rather than $14m, because the taxing statute was applied to the transaction's true legal and fiscal effect, not its form. en-us Thu, 12 Mar 1992 00:00:00 +0530 Tue, 14 Feb 2017 18:43:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190420 A pre-ordained composite film-financing arrangement had to be viewed as a whole for tax purposes, so self-cancelling steps and other commercially unreal elements were disregarded. The partnership's real expenditure was limited to the amount actually contributed and put at risk, not the larger figure routed through the scheme account. Applying that principle, first-year allowance was available only on $3.25m rather than $14m, because the taxing statute was applied to the transaction's true legal and fiscal effect, not its form. Case-Laws Income Tax Thu, 12 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190420