- 39 -
potential of the country", S. Rept. 1881,
supra, 1962-3 C.B. at 717, we believe that
petitioner's acquisition of the operating and
applications software without any associated,
exclusive, intangible intellectual property
rights is precisely the type of investment
Congress intended to encourage in enacting the
ITC. * * * [Majority op. p. 28.]
The majority, as well as the court in Comshare, have expanded
the Senate Finance Committee's statement "Tangible personal
property is not intended to be defined narrowly here" in a manner
I believe not intended by Congress. Both the majority and the
court in Comshare have taken the Senate Finance Committee's
statement out of the context in which the Senate Finance Committee
carefully placed it. Unlike the majority and the court in
Comshare, I am unable to conclude that when enacting the investment
tax credit provisions Congress contemplated a situation in which
property containing both tangible and intangible qualities (such as
computer software) qualifies for the credit, or that the investment
tax credit was intended to cover property whose value derives
substantially from its intangible components. In my opinion, the
committee report statement "Tangible personal property is not
intended to be defined narrowly here" has reference in relationship
to fixtures, components, or other items which under State law would
be characterized as real property. The majority has in effect
conceded as much in note 9. Although the majority may be correct
that the context of the Senate Finance Committee statement does
"not foreclose a broad interpretation of the adjective 'tangible'",
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