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SEC. 168. ACCELERATED COST RECOVERY SYSTEM.
(a) Allowance of Deduction.--There shall be
allowed as a deduction for any taxable year the amount
determined under this section with respect to recovery
property.
* * * * * * *
(c) Recovery Property.--For purposes of this
title--
(1) Recovery property defined.--* * *
the term “recovery property” means tangible
property of a character subject to the
allowance for depreciation--
(A) used in a trade or
business, or
(B) held for the production of
income.
(2) Classes of recovery property.--Each
item of recovery property shall be assigned
to one of the following classes of property:
* * * * * * *
(B) 5-year property.--The term
“5-year property” means recovery
property which is section 1245
class property and which is not 3-
year property, 10-year property, or
15-year public utility property.
* * * * * * *
(E) 15-year public utility
property.--The term “15-year public
utility property” means public
utility property * * * with a
present class life of more than 25
years.
The parties agree that drop and block is recovery property. To
ascertain which class of property includes the drop and block, it
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