parts to be considered a capital asset, they must be useful to the business for more than one year, which is this case they are. According to the report, "Report to The Congress on Depreciation Recovery Periods and Methods," which was written by the IRS, anything with less than a four year useful life is considered three-year property. Someone cannot just determine this. There are separate classes for each type of property that must be used. In this case they range from three years to twenty years…
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