Cooperative
(iv) Cooperative(A) In general. In the case of a taxpayer that has an ownership interest in a cooperative housing corporation, the unit of property (cooperative) is the portion of the building in which the taxpayer has possessory rights and the structural components (as defined in 1.48-1(e)(2)) that are part of the portion of the building subject to the taxpayer's possessory rights (cooperative). (B) Application of improvement rules to a cooperative. An amount is paid to improve a cooperative under paragraph (d) of this section if the amount is paid for an improvement under paragraphs (j), (k), or (l) of this section to the portion of the building structure (as defined in paragraph (e)(2)(ii)(A) of this section) in which the taxpayer has possessory rights or to the portion of any building system (as defined in paragraph (e)(2)(ii)(B) of this section) that is part of the portion of the building structure subject to the taxpayer's possessory rights. In the case of a cooperative housing corporation, the corporation must apply the improvement rules to the building structure or to any building system as described under paragraphs (e)(2)(ii)(A) and (e)(2)(ii)(B) of this section. (v) Leased building(A) In general. In the case of a taxpayer that is a lessee of all or a portion of a building (such as an office, floor, or certain square footage), the unit of property (leased building property) is each building and its structural components or the portion of each building subject to the lease and the structural components associated with the leased portion. (B) Application of improvement rules to a leased building. An amount is paid to improve a leased building property under paragraphs (d) and (f)(2) of this section if the amount is paid for an improvement, under paragraphs (j), (k), or (l) of this section, to any of the following: