§ 1.274-7. Treatment of certain expenditures with respect to entertainment-type facilities.
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/us/cfr/t26/s§ 1.274-7·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If deductions are disallowed under § 1.274-2 with respect to any portion of a facility, such portion shall be treated as an asset which is used for personal, living, and family purposes (and not as an asset used in a trade or business). Thus, the basis of such a facility will be adjusted for purposes of computing depreciation deductions and determining gain or loss on the sale of such facility in the same manner as other property (for example, a residence) which is regarded as used partly for business and partly for personal purposes. [T.D. 6659, 28 FR 6507, June 25, 1963]
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§ 1.274-7
Treatment of certain expenditures with respect to entertainment-type facilities.
Treas. Dec.T.D. 6659
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