Chief Counsel Advice 20125049: Rental Equipment
Is Corporation X allowed depreciation deductions under § 167 of the Internal Revenue Code (IRC). The comprehensive set of tax laws created by the Internal Revenue Service (IRS). This code was enacted as Title 26 of the United States Code by Congress, and is sometimes also referred to as the Internal Revenue Title. The code is organized according to topic, and covers all relevant rules pertaining to income, gift, estate, sales, payroll and excise taxes. Internal Revenue Code Internal Revenue Code and like-kind exchange treatment under § 1031 for equipment that Corporation X simultaneously held for sale to customers and designated as rental equipment?