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:
“Get your facts first, and then you can distort them as much as you please.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“The effectiveness of our memory banks is determined not by the total number of facts we take in, but the number we wish to reject.”
—Jon Wynne-Tyson (b. 1924)
“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 any service to them. This is the principle on which I bring up my own children, and this is the principle on which I bring up these children. Stick to Facts, sir!”
—Charles Dickens (1812–1870)