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Memo #2 - Neal Tiffany Tax Research Memo Assignment 5-5 Tax...

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Neal, Tiffany Tax Research Memo Assignment 5-5 Tax Research Memo #2 Tiffany Neal Professor Angus Franklin University 10/22/2010
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Neal, Tiffany Tax Research Memo MEMORANDUM TO: Harry Pickart P.O. Box 100 Sun River, OR 97600 FROM: Tiffany Neal DATE: 10/22/2010 RE: Air Craft Parts Issue Harry, came to me with some perplexities about air craft equipment having a useful life of less than four years and should be a class three-year property. Due to the wear and tear of the equipment that is rented, nature and business that you rent the air craft and the condition in which the equipment is returned. Rule Here are some of the laws that coincide with your inquiry: Under Section 167 – Entitled Depreciation (a) the general rule is that there shall be allowed a depreciation deduction which is a reasonable allowance for the wear and tear, also, a reasonable allowance for obsolescence in other words in a position in which you can no longer use. The property must be in a position that is used in a trade or business or held for the production of income (Internal Revenue Code, 1983).
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  • Spring '10
  • ProfessorAngus
  • Taxation in the United States, Neal, Tax Research Memo, Tiffany Neal Professor Angus Franklin University

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