THOMPSON, Circuit Judge:
Appellant Watson Land Company ("Watson") appeals from the tax court's determination that federal income tax deficiencies are due from it for taxable years 1973, 1974 and 1975 as a result of an overstatement of its depreciation deductions during those years.
In 1970, Watson began depreciating a number of its industrial buildings by using the composite method of depreciation. This method required not only a determination of the useful...
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