732(c) upon a liquidation of the partner's interest immediately after the transfer of the interest would have resulted in a shift of basis from property not subject to an allowance for depreciation
, depletion, or amortization, to property subject to such an allowance; and
adopted in 1957, expenditures for the acquisition or improvement of property that is subject to an allowance for depreciation
or depletion are not deductible under Sec.
With prime property, you pay for security, with little allowance for depreciation
as the building ages and the lease shortens.
Under the actual expense method, you can deduct the cost of gasoline, oil, maintenance and repairs, insurance, vehicle registration fees, and either an allowance for depreciation
of a car that is owned or payments for a car that is leased.
unaudited) 3/31/2005 3/31/2004 3/31/2004 In thousands of euros proforma(*) Net turnover 25,076 19,946 19,567 including exports 21,246 16,521 16,166 EBITDA 2,886 2,673 2,955 Operating profit 2,115 2,147 2,402 Financial profit -722 -561 -933 Operating profit before taxation 1,392 1,586 1,469 Exceptional profit -182 -173 -208 Net profit from consolidated 1,006 1,041 1,129 companies Allowance for depreciation
73 13 73 of goodwill Net consolidated profit 932 1,028 1,056
However, the allowance for depreciation
is set by the taxing jurisdiction and may or may not follow the depreciation schedule you use for book purposes.
167(c), salvage value -- the estimated amount realized on disposition of an asset -- is taken into account in determining the taxpayer's allowance for depreciation
Moreover, the taxpayer is not permitted to deduct an allowance for depreciation
03 Average Common Shares Outstanding 8,620,212 8,648,029 8,621,833 8,649,073 CONSOLIDATED BALANCE SHEETS (Unaudited) (Thousands of Dollars) June 30, ASSETS 2000 1999 Plant and Equipment $545,306 $526,699 Less Allowance for Depreciation
204,229 189,059 Net Plant 341,077 337,640 Investments 11,221 12,476 Current Assets 99,473 92,128 Deferred Charges and Other Assets 35,226 35,197 $486,997 $477,441 CAPITALIZATION AND LIABILITIES Capitalization: Common stock equity $140,748 $133,779 Preferred stock 850 879 Long-term debt 216,530 217,516 Total Capitalization 358,128 352,174 Current Liabilities 39,889 46,427 Deferred Credits, including income taxes 88,980 78,840 $486,997 $477,441
It would appear that recent case law is favorable to the proposition that all artwork, "valued and treasured" or not, is subject to the allowance for depreciation
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET SEPTEMBER 30, 2002 (in thousands of dollars) Pro Forma After Historical Spin-off ASSETS Current Assets Cash and cash equivalents $ 1,186 $ 5,420 Accounts receivable and other current assets 43,372 13,411 44,558 18,831 Property and Equipment Oil and natural gas properties - full cost method 999,578 348,383 Other property and equipment 4,122 27 1,003,700 348,410 Less allowance for depreciation
, depletion and amortization (461,925) (298,120) 541,775 50,290 Investment in Plains All American Pipeline, L.
94-38 further states that "since the land is not subject to an allowance for depreciation
, amortization, or depletion, the amounts expended to restore the land to its original condition are not subject to capitalization under section 263(a)(2).