First published in Bloomberg BNA’s  Daily Tax Report on May 15, 2014

David Burton examines a recent private letter ruling where the Internal Revenue Service held that ‘‘zip’’ drywall partition systems are depreciated faster than conventional drywall partitions. He compares the Service’s ruling in the PLR with consistent federal appeals court decisions that preceded it—but were omitted from the ruling’s discussion—and considers opportunities for real estate developers and implications for certain nontraditional real estate investment trusts.

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