- 8 -
(i) was used as an integral part of manufacturing,
production, or extraction * * * , 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 * * *
[or]
* * * * * * *
(D) a single purpose agricultural or horticultural
structure (as defined in section 168(i)(13)),
Section 1.1245-3(c)(2), Income Tax Regs., provides that
language used to describe property in section 1245(a)(3)(B) shall
have the same meaning as when used in paragraph (a) of section
1.48-1, Income Tax Regs., and the terms "building" and
"structural components" shall have the meanings assigned to those
terms in paragraph (e) of section 1.48-1, Income Tax Regs.
In Hospital Corp. of Am. v. Commissioner, 109 T.C. 21, 50-51
(1997), we held that in deciding whether a property is section
1245 property, Congress intended the same tests to be used as
were applied for purposes of deciding whether property was
"section 38 property" for purposes of the investment tax credit
under section 48 prior to the amendment of section 48 in the
Omnibus Budget Reconciliation Act of 1990 (OBRA), Pub. L. 101-
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011