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WALGREEN CO. & SUBSIDIARIES v. C.I.R.

No. 95-1116.

68 F.3d 1006 (1995)

WALGREEN COMPANY & SUBSIDIARIES, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided October 17, 1995.

Attorney(s) appearing for the Case

David J. Duez (argued), Lydia R. Kelley, Gregory F. Jenner, William L. Goldman, and Gail H. Morse, McDermott, Will & Emery, Chicago, IL, for Petitioner-Appellant.

Stuart L. Brown, Internal Revenue Service, Washington, DC, Richard Farber, Gary R. Allen, Frank P. Cihlar (argued), S. Robert Lyons, Department of Justice, Tax Division, Appellate Section, Washington, DC, and James S. Stanis, Internal Revenue Service, Chicago, IL, for Respondent-Appellee.

Before POSNER, Chief Judge, and CUDAHY and MANION, Circuit Judges.

POSNER, Chief Judge.

Between 1980 and 1984 Walgreen made a number of leasehold improvements in drugstores and restaurants that it owned. The improvements were depreciable real property within the meaning of section 1250(c) of the Internal Revenue Code — "section 1250 property," as it is called; depreciable personal property, such as machinery, is covered in section 1245 and is not involved in this case. The improvements included interior partitions, millwork...

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