Favreau J. denied the taxpayer's investment tax credits in respect of a substantial renovation on a shrimp fishing boat, because the boat had been used before the renovation and was therefore not qualified property. While the renovations were extensive (taking three years and $722,505), they were not so extensive that the restored vessel could be considered a new asset (a similar vessel would have cost $2 million new).
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Drupal 7 entity ID
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