...depreciation with respect to such property begins; or in the taxable year in which the property is placed rm timber contract described in Rev. Rul. 62-82, the landowner receives a lump sum payment notwithstanding that the period for depreciation with respect to such property begins in a succeeding...

...assigned function. Under the circumstances described above, the generating unit in the instant case was in a condition or state of readiness and availability for a specifically assigned function on December 11, 1975, in that the necessary permits and licenses had been approved, the critical tests...

...1.46-3(d)(2)(iii) of the regulations provides that fruit-bearing trees and vines shall not be considered trict director will determine whether an employer reasonably limits the payment of expense until they have reached an income-producing stage. To be considered income-producing within the meaning...

...asset depreciation range and class life system property is "first placed in service" when first placed in a condition or state of readiness and availability for a specifically assigned function. Section 1.167(a)-10(b) of , the regulations provides, in part, that the period of depreciation of an...

...depreciation with respect to such property begins; or (ii) the taxable year in which the property is placed in a condition or state of readiness and availability for a specifically assigned function. Section 1.46-3 (d) (2) (iii) of the regulations provides that equipment acquired by a taxpayer for...

...1.167(a)-10(b), 1.167(a)-ll(e)(l)(i), Income Tax Regs. Property is placed in service when it is "placed in a condition or state of readiness and availability...trade or business, in the production of income, in a tax-exempt activity, or in a personal activity." Sees. 1.46-3(d)(l)(ii), 1.167(a)ll(e)(l)(i), Income...

...; or (II) The taxable year in which the property Is placed In a condition or state of readiness nnd availability for a specifically assigned function,...trade or business. In the production of Income, in a tax-exempt activity, or In a personal activity. • That section provides, In part : SEC. 48. DEFINITIONS;...

...first time the property is placed in service. Property is "first placed in service" when first placed in a condition or state of readiness and availability for a specifically assigned function, whether in the taxpayer's trade or business, in the production of income, in a tax-exempt activity, or in a personal...

...facts tracks the regulatory language when it says the Property was "acquired and placed by the Gassers in a condition or state of readiness and availability for a specifically assigned function, whether for use in a trade or business or for the production of income in the 1960's or the 1970's." Therefore,...

...in the production of income), the following are examples of cases where property shall be considered in a condition or state of readiness and availability for a specifically assigned function: (i) Parts are acquired and set aside during the taxable year for use as replacements for a particular...