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01-09-1985 Meeting
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01-09-1985 Meeting
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City Meetings
Meeting Body
Industrial Development Corporation
Meeting Doc Type
Minutes
Date
1/9/1985
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/ • ~ • <br />.: <br />19. Cost of property obtained under -a lease which is <br />treated as a purchase for federal income tax purposes. <br />Treas. Reg. § 1.103-10(b)(iii); Treas. Reg. <br />§ 1.103-10(f), Example (13). Such determination is to <br />be made without regard to the safe harbor leasing rules <br />of Section 168(f)(8) of the Code. Temp. Reg. <br />§ Sc.103-1. <br />20. Cost of property to lessor in county or municipality in <br />which used by lessee if Treas. Reg. § 1.103-10(b)(2) <br />(iv)(b) exception not met. LTR 8325098. <br />21. Assumption of liabilities in connection with the <br />purchase of property. See Crane v. Commissioner, 331 <br />U.S. 1 (1947) . <br />22. Organization expenditures of a corporation or a <br />partnership even though amortized under Sections 248 or <br />709, respectively, of the Code. But see LTR 8014111; <br />LTR 8011070 (organization expenditures not paid or <br />incurred with respect to facilities in the city in <br />which the financed facility is located and, therefore, <br />not capital expenditures). <br />23. Interest prepayments of a cash (or accrual) basis <br />taxpayer. See IRC § 461(g). <br />24. Origination fees in connection with leases ar_d <br />"rent-up" fees. See .Richard C. .Goodwin, 75 T.C. No. 37 <br />(1981) and Rev. Rut. 81-161, 1981-1 C.B. 313. <br />25. Loan commitment fees. See Rev. Rul. 81-160, 1981-1 <br />C.B. 312; Rev. Rul. 81-161, 1981-1 C.B. 3I3. <br />26. Fair market value of property given up in Section 1031 <br />like kind exchange. Rev. Rul. 83-17, 1983-4 I.R.B. 9. <br />27. Expenditures financed with a prior exempt small issue <br />to the extent such issue is no longer outstanding on <br />the date of the applicable bond issue; however, only to <br />the extent paid or incurred within the six-year period. <br />Treas. Reg. § 1.103-10(f) Example 10; Rev. Rul. 76-98, <br />1976-1 C.B. 31. LTR 8037091 and LTR 812308? (FIFO rule <br />apparently used for de~ermini ng whet::er expe::di lures <br />paid or incurred within. the six-.year period) . <br />-5- <br /> <br />
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