Priv. Ltr. Rul. 201210004 (Nov. 22, 2011)

(“all events” test pegs time when taxpayer incurs expenses for purposes of first-year bonus election; qualified property is deemed acquired when taxpayer pays or incurs cost of property; ruling involved contract construction work and IRS determined that costs are incurred when all event have occurred establishing fact of liability, amount of liability can be ascertained with reasonable certainty, and property provided to taxpayer; an acquired component of larger self-constructed property is “acquired” when taxpayer incurs cost of acquired component). 

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