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.
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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
Frank DeMarco and Jacquelyn DeMarco, Petitioners v. Commissioner of Internal Revenue, Respondent
De Marco v. Commissioner
Docket No. 2002-85
United States Tax Court
87 T.C. 518; 1986 U.S. Tax Ct. LEXIS 59; 87 T.C. No. 27;
August 25, 1986, Filed
Decision will be entered under Rule 155.
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…
2Cases cited16 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
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