Bruce Selig and Elaine Selig v. Commissioner

T.C. Memo. 1995-521

UNITED STATES TAX COURT BRUCE SELIG AND ELAINE SELIG, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 19151-93. Filed October 31, 1995. P exhibited "exotic automobiles", state-of-the- art, high technology vehicles with unique design features or equipment, for a fee. Ps claimed depreciation deductions for such automobiles. P's wholly owned S corporation made expenditures related to P's plans to open an exotic car entertainment complex. 1. Held: The exotic automobiles were subject to obsolescence and, thus, were depreciable under secs. 167 and 168,…