De Marco v. Commissioner
United States Tax Court
In 1973, petitioners purchased an old factory building, placed it in service, and sometime thereafter leased it to a manufacturing company. In 1982, they completed and placed in service improvements to the building which cost $ 360,294. Petitioners, on their original 1982 income tax return, did not in any way account for depreciation of the improvements.
Read the full summary
In 1973, petitioners purchased an old factory building, placed it in service, and sometime thereafter leased it to a manufacturing company. In 1982, they completed and placed in service improvements to the building which cost $ 360,294. Petitioners, on their original 1982 income tax return, did not in any way account for depreciation of the improvements. On an amended 1982 return filed on Sept. 23, 1983, they depreciated the improvements using the accelerated method embodied in the table in sec. 168(b)(1), I.R.C. 1954, and the "applicable percentage" indicated therein for the first year of a…
1Opinion of the Court
OPINION
RAUM, Judge:
The Commissioner determined a deficiency in petitioners’ 1982 income tax in the amount of $48,081. The sole issue for decision is whether petitioners are entitled to a credit under section 38, I.R.C. 1954, in the amount allowed by section 46(a)(2)(F) with respect to property qualifying under section 48(g) as a rehabilitated building. Resolution of this issue requires a determination of whether petitioners made an election under section 168(b)(3) to use the straight line method of depreciation with respect to their rehabilitation expenditures. Entitlement to the…
2Cases cited15 opinions
- J. E. Riley Investment Co. v. CommissionerSupreme Court of the United States · 1940
- Knight-Ridder Newspapers, Inc. v. United StatesCourt of Appeals for the Eleventh Circuit · 1984
- Foxman v. CommissionerUnited States Tax Court · 1964
- Lewis v. CommissionerUnited States Tax Court · 1960
- John H. Young and Carolyn J. Young v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
10 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- McDonald v. CommissionerUnited States Tax Court · 1987
- Estate of Higgins v. CommissionerUnited States Tax Court · 1988
- MANNING v. COMMISSIONERUnited States Tax Court · 1993
- Clark v. Comm'rUnited States Tax Court · 1993
- Turney v. CommissionerUnited States Tax Court · 1987
7 more not listed; retrieve them via the Exa API.