26 C.F.R. § 1.274-7. - § 1.274-7 Treatment of Certain Expenditures With Respect to Entertainment-type Facilities.

Current as of January 1, 1970

Section 1.274-7 - § 1.274-7 Treatment of Certain Expenditures With Respect to Entertainment-type Facilities.Section 1.274-7 - § 1.274-7 Treatment of Certain Expenditures With Respect to Entertainment-type Facilities.

Section 1.274-6T - § 1.274-6t Substantiation With Respect to Certain Types of Listed Property for Taxable Years Beginning After 1985 (temporary).Section 1.274-8 - § 1.274-8 Effective/applicability Date.

§ 1.274-7 Treatment of certain expenditures with respect to entertainment-type facilities.

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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