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Revenue Ruling 68-232
Internal Revenue Service
1968-1 C.B. 79 (1968)
- Written by Abby Roughton, JD
Facts
In 1923, the Internal Revenue Service (IRS) issued guidance indicating that a taxpayer could not deduct depreciation for expensive works of art or curios that the taxpayer had used to furnish the taxpayer’s office. The IRS stated that the works of art and curios could not be classified as business assets. In 1968, the IRS issued a revenue ruling that again considered whether taxpayers could deduct depreciation of works of art.
Rule of Law
Issue
Holding and Reasoning ()
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