Court of Appeals for the Seventh Circuit October 17, 1995, 95-1116 (Walgreen Company & Subsidiaries v. Commissioner of Internal Revenue)

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