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Something between a Sleeper and Overnight Coach

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<p>[quote user="CMStPnP"]</p> <p> </p> <div class="quote-header"> </div> <blockquote class="quote"> <div class="quote-user">Sam1</div> <div class="quote-content"> <p>CMStPnP:</p> <p>As noted the AAR calls all taxes levied on real and personal property <strong>property taxes</strong>.</p> <div><span style="font-size:12.0pt;font-family:'Arial',sans-serif;">The Union Pacific Railroad calls them <strong>property taxes.  </strong>They are the taxes levied on its properties – real and other - by local and state taxing authorities. This includes real estate.  The definition can be found initially on Page 29 in the company’s 2013 10-K Report. </span></div> <div> </div> <div><span style="font-size:12.0pt;font-family:'Arial',sans-serif;">The Surface Transport Board R-1 Reports, Schedule 410, Railway Operating Expeses, calls taxes levied on property - real and personal - by local and state taxing authories <strong>property taxes.</strong></span></div> <div><span style="font-size:12.0pt;font-family:'Arial',sans-serif;"><strong><br /></strong>Before denigrating the views of someone that you disagree with, you should do a little reasearch.  The railroads, their industry advocate, and at least one regulator calls them <strong>property taxes</strong>.  So too do most accountants and others who prepare financial statements. <br /></span></div> <div style="clear:both;"> </div> <p> </p> </div> </blockquote> <div class="quote-footer"> </div> <p> </p> <p>I think I would use the IRS definition as well as treatment of property taxes vs someone trying to explain summarization on a printed report.   At any rate, I don't necessarily care how you handle taxes YOU are lumping two asset classes together that should be treated differently.    Physical Plant as an asset has depreciation,  Real Estate has a gain or loss and only recognized on sale.    Unless you want to show me a depreciation schedule on real estate. [/quote]</p> <p>The key point is how railroads describe their property taxes.  If you take the time to read their 10-Ks, you might understand what they mean by property taxes.  </p> <p>Property, plant, and equipment is depreciated over various periods by American railroads, including Amtrak, using the group method.  Land is not depreciated by railroads or anyone else.  No one said that it was!</p> <p>This is a forum to discuss railroads issues.  How they define the taxes levied on their property - real and personal - is paramount for the purposes of this discussion. </p>
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