Real property leased to retail motor fuel outlet owner qualifies as 15-year property.
| Jurisdiction | United States |
| Date | 01 October 1997 |
| Author | Lindbloom, John W. |
The IRS recently issued Rev. Rul. 97-29, which holds that real property leased to an operator of a retail motor fuel outlet met the definition of a retail motor fuel outlet and, therefore, must be treated as 15-year property. Sec. 168(e)(3)(E) provides for a 15-year life for a motor fuel outlet. The rationale of the ruling hinges on an interpretation that there is no distinction between the owner of a retail motor fuel outlet who also happens to operate the business and an owner who does not...
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