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It was noted that commentators, including TEI, uniformly disagreed with the proposed regulations' equating the economic useful life of an asset with the taxpayer's Applicable Financial Statement (AFS) (1) or "book" life for purposes of determining whether an expenditure should be capitalized as a restoration. After all, the economic useful life for assets of the same age may differ. According to industry standards, the economic useful life of a properly maintained aircraft is approximately 30 years. |
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