Facts
Taxpayer, Idaho Power Co., used its own equipment and employees to improve and add to its capital facilities. On its books, Idaho Power capitalized the construction-related depreciation on this equipment used for construction of the capital asset. But for income tax purposes, the taxpayer deducted the entire amount of depreciation on equipment used in construction of the capital asset under ยง167(a) including the amount capitalized as construction costs.
Read more about this topic: Commissioner V. Idaho Power Co.
Famous quotes containing the word facts:
“The bases for historical knowledge are not empirical facts but written texts, even if these texts masquerade in the guise of wars or revolutions.”
—Paul Deman (1919–1983)
““Now what I want is, Facts. Teach these boys and girls nothing but Facts. Facts alone are wanted in life. Plant nothing else, and root out everything else. You can only form the minds of reasoning animals upon Facts: nothing else will ever be of service to them.””
—Charles Dickens (1812–1870)
“It is part of the educator’s responsibility to see equally to two things: First, that the problem grows out of the conditions of the experience being had in the present, and that it is within the range of the capacity of students; and, secondly, that it is such that it arouses in the learner an active quest for information and for production of new ideas. The new facts and new ideas thus obtained become the ground for further experiences in which new problems are presented.”
—John Dewey (1859–1952)