Question
David Llewellyn Rose, a retired commercial airline pilot, lived with Kay Marie in La Jolla, one of southern Californias more exclusive beach towns implying that
David Llewellyn Rose, a retired commercial airline pilot, lived with Kay Marie in La Jolla, one of southern Californias more exclusive beach towns implying that they were hardly hurting for money. And he built the Mach Buster for the purpose of air racing, an activity so expensive that most people couldnt afford even to think about participating in it.
The case involved the issues of (i) capitalization of labor costs and (ii) placed in service date (i.e., when do depreciation deductions begin?). But when you read the case, you cant help but say to yourself But what about the ___ issue???
Yes indeed, theres an issue, 100% ignored by the Tax Court (and apparently by the IRS), that seems so obvious, so glaringly obvious, that it practically jumps off the page at you, not to mention giving you good reason to wonder if the IRS is just completely incompetent. Its an issue that weve already covered. All that you need to do is identify it
plz ans asap...
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