Blue Power and Light Corporation is an energy company. It produces electricity, sells wholesale and retail electricity, and delivers electricity to customers. Blue also provides street and highway lighting and area lighting for public and private entities. The equipment used to provide street and area is called streetlights. Blue wants to know the appropriate asset class to determine the cost recovery deductions for the streetlights.
On Thomson-Reuters Checkpoint, do a keyword search of primary source materials using the following search string: "street lights" & "asset class". You should find a court case that provides an answer to the problem.
Submit a tax file memorandum with proper citations of all sources: I want to see citations of the court case, a revenue procedure, and a specific section of the IRC.