Rev. Rul. 55-290
Rev. Rul. 55-290; 1955-1 C.B. 320
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Citations: Rev. Rul. 55-290; 1955-1 C.B. 320
Modified and Superseded by Rev. Rul. 2001-60
Expenditures incurred by a taxpayer in the original construction of greens on a golf course constitute capital expenditures to be added to the original cost of the land and are not subject to an allowance for depreciation. Subsequent operating expenses for sod, seed, soil and other sundry maintenance constitute ordinary and necessary business expenses which are deductible from gross income for Federal income tax purposes
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- LanguageEnglish
- Tax Analysts Electronic Citationnot available