Life after Hospital Corp. of America

Tax practitioners enthusiastically greeted the Tax Court's decision in Hospital Corp. of America and Subsidiaries (1997). In this case, the court concluded that certain properties in a building that qualify as tangible personal property under the former investment tax credit rules may also qual...

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Bibliographic Details
Published in:The Tax Adviser 2001-08, Vol.32 (8), p.508
Main Author: Bakale, Anthony
Format: Magazinearticle
Language:English
Subjects:
109 TC 21
Buildings
Costs
Depreciation
Depreciation rates
Evidence
Expense deductions
Federal court decisions
Investment tax credits
Laws, regulations and rules
Personal property
Restaurants
State court decisions
Tax court decisions
Tax courts
Tax credits
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Summary:Tax practitioners enthusiastically greeted the Tax Court's decision in Hospital Corp. of America and Subsidiaries (1997). In this case, the court concluded that certain properties in a building that qualify as tangible personal property under the former investment tax credit rules may also qualify as tangible personal property for depreciation purposes. In other words, practitioners relying on this case can look to the guidance of the old ITC rules when determining whether property is real property (27.5- or 39-year recovery period) or personal property (5- or 7-year recovery period).
ISSN:0039-9957