INCOME TAX

Rev. Rul. 2003–37, page 717. Capital expenditures; rotable spare parts . This ruling informs taxpayers that the Service will follow Hewlett Packard, Inc., v. United States, 71 F.3d 398 (Fed. Cir. 1995), rev’g Apollo Computer, Inc. and Subsidiaries v. United States, 32 Fed. CI. 334 (1994, and Honeywell, Inc. and Subsidiaries v. Com- missioner, T.C. Memo 1992–453, aff’d, 27 F.3d 571 (8th Cir. 1994). Accordingly, taxpayers may treat rotable spare parts as depreciable assets if the taxpayer’s facts are substantially similar to Hewlett Packard and Honeywell .