Keep in mind that case is extremely old and was well before the tax code was substantially reformed in 1986.  

People are beginning to realize this entire system needs reformation.

I wasn't paying attention in 1986, but my understanding is that the tax reforms that happened that year were devastating for certain types of investors in commercial property, so much so that the entire commercial market had a downturn.

It's a fascinating and completely messed up system that's leftover from Maryland's colonial days and is in serious need of reform).

I am in the process of reformating my financial footprint from "paranoid Russian style" to "functioning member of society" I have been here for a very long time (since 1996) and have done such a good job of working for and buying everything with CASH that I have only one credit agency out of three that even knows that I exist. 

Ultimately, Chicago needs job creation and tax reform to help turnaround some of the population trends. 

The personal property can be taken as bonus depreciation and possible 179.( you can only take sec 179 to the extent of your income so mostly is not doable) There is no Qualified Leasehold improvement property going forward with new tax reform for section 179 and bonus but something called qualified improvement property.

Obama and Senators claim financial instituitions and Wall Street need stricter reforms, well the real estate industry is in desperate need of regulation too.

The financial reform recently passed is pretty much eye wash, but has some good points.

Jay, LOL, yes, the wholesaling issues, that might come out of the ARELLO supporting regulatory reform on a national basis with state regulators.