- 29 -
is necessary to determine the present class life, defined in
section 168(g)(2):
(g) Definitions.--For purposes of this section--
* * * * * * *
(2) Present class life.--The term
“present class life” means the class life (if
any) which would be applicable with respect
to any property as of January 1, 1981, under
subsection (m) of section 167 (determined
without regard to paragraph (4) thereof and
as if the taxpayer had made an election under
such subsection).
Section 167(m), as it applies to section 168(g)(2), provides
that the Secretary shall prescribe the class lives for each class
of property, which will reasonably reflect the anticipated useful
life of the property class to the industry or group. Sec.
167(m)(1). The Commissioner issued numerous revenue procedures,
pursuant to section 167(m), prescribing or modifying class lives.
See Rev. Proc. 77-10, 1977-1 C.B. 548; Rev. Proc. 72-10, 1972-1
C.B. 721. As of January 1, 1981, the following pertinent asset
guideline classes in Rev. Proc. 77-10, supra, were in effect:
Asset Depreciation Range
(in Years)
Asset
Asset Guide- Lower Guideline Upper
line Class Description of Assets Included Limit Period Limit
48.13 Telephone Station Equipment:
Includes such station apparatus and connections as
teletypewriters, telephones, booths, private exchanges,
and comparable equipment as defined in Federal
Communications Commission Part 31 Account Nos.
231, 232, and 234 . . . . . . . . . . . . . . . . . . . . . 8 10 12
48.14 Telephone Distribution Plant:
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