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ABC RENTALS OF SAN ANTONIO, INC. v. C.I.R.

Nos. 95-9008 to 95-9010.

97 F.3d 392 (1996)

ABC RENTALS OF SAN ANTONIO, INC.; David R. Peters; Diana L. Peters; John P. Parsons; Melba R. Parsons, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee. Grauel Enterprises, Inc., Amicus Curiae.

United States Court of Appeals, Tenth Circuit.

September 27, 1996.

Attorney(s) appearing for the Case

Timothy P. O'Sullivan (Lyndon W. Vix and John R. Gerdes, with him on the brief), of Fleeson, Gooing, Coulson & Kitch, Wichita, Kansas, for petitioners-appellants.

Linda E. Mosakowski (Jonathan S. Cohen, with her on the brief), Tax Division, Department of Justice, Washington, D.C., for respondent-appellee.

Michael J. Henke and Jeffrey W. Ferguson, of Vinson & Elkins, L.L.P., Washington, D.C., for Grauel Enterprises, Inc., amicus curiae.

Before PORFILIO, KELLY and BRISCOE, Circuit Judges.

BRISCOE, Circuit Judge.

In these consolidated appeals, we decide whether the rent-to-own industry may properly depreciate its inventory for tax purposes using the income forecast method rather than the Modified Accelerated Cost Recovery System (MACRS) under I.R.C. § 168(f)(1). The Tax Court held that appellants' rent-town inventory was not properly depreciable under the income forecast method, and thus upheld the Commissioner's notice of deficiency. We reverse...

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