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PPL Corporation and Subsidiaries, Petitioner vs. Commissioner of Internal Revenue Service, Respondent highlights the advantage of re-examining current tax depreciation policies. PPL Corporation discovered that it had been depreciating its assets incorrectly and successfully changed to a more favorable method. The Tax Court strictly construed existing IRS pronouncements on the depreciation of utility assets against the IRS stating that if the IRS meant something different, they should have said so explicitly. Furthermore, state and federal non-tax regulatory methods were regarded as not relevant.
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