To answer this question, I reviewed the IRS link that ColeenD3 mentioned in her previous post. In the post, it mentions that you cannot depreciate property that you don't own.
Your argument is that even though you do not own the property, you own the leasehold improvements, which should be independent from the property. This argument cannot be made because you would need to own the property to claim those leasehold improvements that are attached to that property. Those leasehold improvements become part of the property which you do not own, thus cannot be claimed as depreciable assets.
@pbmunkey
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