TAXES CAN BE FUNNY
 
 

 

 

Simon says... Depreciate!!

In two recent cases, Simon, 103 TC No. 15 and Liddle, 103 TC No. 16 , the Tax Court allowed musical antiques to be depreciated. The instruments (19th century bows and a 17th century viola) were used in the owner's business to produce income and were subject to normal wear and tear.

IRS will very likely appeal; it didn't like the "sound" of either decision.


If you have amusing tax anecdotes please send suggestions to: fun@taxonly.com



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