### Question
How does the law define depreciable property?


### Answer
Under *26 U.S.C. § 453*, **depreciable property** is defined as:

> property of a character which (in the hands of the transferee) is subject to the allowance for depreciation provided in section 167

#### Citation:
  - *26 U.S.C. § 453*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter E-Accounting Periods and Methods of Accounting > PART II-METHODS OF ACCOUNTING > Subpart B-Taxable Year for Which Items of Gross Income Included**

