On this page the ASCSP Education Committee will post recent court cases, comments and a summary of the facts along with key considerations.
Please “click” case title for access.
The first summary is on the Eastwood Mall case. Eastwood Mall primarily deals with excavation and land leveling costs and whether they should be depreciable or not. Please feel free to read through the case summary and refer back to it in the future for reference in your practice.
This case is about 12 categories of property within a childcare facility that were claimed by the plaintiff as investment tax credit eligible but ultimately some were denied by the IRS.
A recent Tax Court opinion favored a Los Angeles County tax assessor’s valuation of rental property improvements over the property owner’s own appraisal.
On May 8, 2017, the U.S. Tax Court released Summary Opinion 2017-31, in the case of Nielsen v. Commissioner, concluding that the county assessor’s allocation to land and improvement values were more reliable than the taxpayer’s proposed values. The Tax Court noted it could not find any authority that suggests a taxpayer is qualified to allocate the value of property between land and improvements.