Walgreen Co. & Subsidiaries v. Commissioner
United States Tax Court
During P's taxable years 1980 through 1984, P made substantial improvements to leased premises for the purpose of operating its pharmacies and Wags restaurants. The leasehold improvements constitute sec. 1250 property as defined in sec. 1250(c), I.R.C. During P's taxable years ending in 1983 and 1984, P claimed depreciation deductions pertaining to the leasehold improvements pursuant to secs. 167(m) and 168, I.R.C.
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During P's taxable years 1980 through 1984, P made substantial improvements to leased premises for the purpose of operating its pharmacies and Wags restaurants. The leasehold improvements constitute sec. 1250 property as defined in sec. 1250(c), I.R.C. During P's taxable years ending in 1983 and 1984, P claimed depreciation deductions pertaining to the leasehold improvements pursuant to secs. 167(m) and 168, I.R.C. In calculating its depreciation deductions, P used a recovery period based on its belief that some of the leasehold improvements did not constitute the structural shell of a…
1Opinion of the Court
Nims, Judge:
Respondent determined deficiencies in petitioner’s Federal income taxes for petitioner’s taxable years ending August 31, 1983, and August 31, 1984, in the amounts of $408,711 and $529,445, respectively. After concessions by petitioner, the issues for decision are: (1) Whether asset depreciation range (adr) class 57.0 (ADR class 57.0), prescribed in Rev. Proc. 83-35, 1983-1 C.B. 745, 762, includes section 1250 property; and (2) if ADR class 57.0 does include section 1250 property, whether that class differentiates between items of section 1250 property that are structural and…
2Cases cited7 opinions
- Reisman v. CaplinSupreme Court of the United States · 1964
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