- 47 -
the other hand, to constitute 19-year real property, the property
must be section 1250 class property. Section 1250 class property
32 (...continued)
property is tangible and has an adjusted basis in which
there are reflected adjustments described in paragraph (2)
for a period in which such property (or other property)--
(i) was used as an integral part of
manufacturing, production, or extraction or of
furnishing transportation, communications,
electrical energy, gas, water, or sewage disposal
services, or
(ii) constituted a research facility used in
connection with any of the activities referred to
in clause (i), or
(iii) constituted a facility used in
connection with any of the activities referred to
in clause (i) for the bulk storage of fungible
commodities (including commodities in a liquid or
gaseous state),
(C) an elevator or an escalator,
(D) so much of any real property (other than any
property described in subparagraph (B)) which has an
adjusted basis in which there are reflected adjustments
for amortization under section 169, 179, 185, 188, 190,
193, or 194,
(E) a single purpose agricultural or horticultural
structure (as defined in section 48(p)), or
(F) a storage facility (not including a building
or its structural components) used in connection with
the distribution of petroleum or any primary product of
petroleum.
33 For taxable years ended 1984 and 1985, sec. 168(g)(3)
provides as follows:
The term "section 1245 class property" means tangible
property described in section 1245(a)(3) other than
subparagraphs (C) and (D).
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