- 48 -
embodies "property described in section 1250(c)34 and * * * in
section 1245(a)(3)(C)." Sec. 168(g)(4).35
Petitioners are not engaged in an activity described in
section 1245(a)(3)(B). Additionally, the disputed property items
are not described in section 1245(a)(3)(E) or (F). Accordingly,
the disputed property items constitute section 1245 class
property only if they are personal property as defined in section
1245(a)(3)(A). See also sec. 1.1245-3(a), Income Tax Regs.
Section 1.1245-3(b)(1), Income Tax Regs., defines personal
property as "(1) Tangible personal property (as defined in
paragraph (c) of � 1.48-1, relating to the definition of 'section
38 property' for purposes of the investment credit)".
Accordingly, ACRS incorporates within the meaning of section 1245
class property tangible personal property defined in section
1.48-1(c), Income Tax Regs.36
34 Sec. 1250(c) provides as follows:
(c) Section 1250 Property. For purposes of this section,
the term "section 1250 property" means any real property
(other than section 1245 property, as defined in section
1245(a)(3)) which is or has been property of a character
subject to the allowance for depreciation provided in
section 167.
35 For taxable years ended 1984 and 1985, sec. 168(g)(4)
provides as follows:
(4) Section 1250 class property. The term "section 1250
class property" means property described in section 1250(c)
and property described in section 1245(a)(3)(C).
36 Sec. 1.48-1(c), Income Tax Regs., provides as follows:
(continued...)
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