In June, 1973, the Internal Revenue Service issued final regulations implementing new depreciation deduction rules retroactive to tax year 1971 which allowed for greater amounts of depreciation expense to be deducted for Federal income tax purposes in the early years of service of certain property, including telephone plants (US Code, tit 26, § 167, subd [m]; Treas Reg, § 1.167[a]-12). At this time petitioner had already filed its tax returns for the years 1971...
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