https://www.taxtmi.com/forum/issue?id=1383 Depreciation on leased assets is generally allowable to the lessor, while additions made to leased property by the lessee (leasehold improvements) may entitle the lessee to claim depreciation on those additions; a revenue circular clarifies that accounting standards do not override statutory depreciation provisions. en-us Mon, 27 Jul 2009 12:26:02 +0530 Thu, 23 Jan 2025 15:58:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/forum/issue?id=1383 Depreciation on leased assets is generally allowable to the lessor, while additions made to leased property by the lessee (leasehold improvements) may entitle the lessee to claim depreciation on those additions; a revenue circular clarifies that accounting standards do not override statutory depreciation provisions. Discussion-Forum Income Tax Mon, 27 Jul 2009 12:26:02 +0530 https://www.taxtmi.com/forum/issue?id=1383