...a debt is recoverable only in part, the Commissioner may allow such debt to be charged off in part; (8) A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence. In the case of improved real estate held by one person for life with remainder to another person, the...

...or profits upon which income tax has been imposed by Act of Congress; (7) A reasonable allowance for the exhaustion, wear and tear of property used in...including a reasonable allowance for obsolescence; (8) In the case of buildings, machinery, equipment, or other facilities, constructed, erected, installed,...

...statute which controls decision is the revenue act of 1918 (40 Stat. 1057). which provides as follows: of property used in the trade or business, including a reasonable allowance for obsolescence. The plaintiff in error contends that the loss of good will due to prohibition legislation was properly...

...foregoing regulation would seem to indicate otherwise. The law 5 " permits "a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business." It would therefore seem that if land which is used in the business of farming depreciates...

...computing the net income of corporations there shall be allowed as a deduction " a reasonable allowance for the exhaustion, wear and tear of property used in...including a reasonable allowance for obsolescence," a brewing company is not entitled to a deduction for the fiscal year ending May 31, 1919, 384 Opinion...

...Revenue Act of 1918 provides: That iu computing net income there shall be allowed as deductions : ******* (8) A reasonable allowance for the exhaustion, wear and tear of property used in Iho trade or business, including a reasonable allowance for obsolescence. We have heretofore held that...

...imposed by section 230 there shall be allowed us deductions : • *****• (7) A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including u reasonable allowance for obsolescence. The basis for the computation of depreciation in the case...

...read: SEC. 214. (a) That In computing net Income there shall be allowed as deductions: «••**«• (8) A reasonable allowance for the exhaustion, wear and tear of property used iu the trade or business, including a reasonable allowance for obsolescence. In the case of .such property...

...wells. A deduction is allowed for depreciation by § 23 (l) which permits a "reasonable allowance for the exhaustion, wear and tear of property used in the trade or business." And see Treasury Regulations 101, Art. 23 (m)-18. Sec. 23 (m) provides that in the case...

...held for investment or vised in a trade or business. (7) DEPRECIATION. — A reasonable allowance for exhaustion, wear and tear of property used in the...including a reasonable allowance for obsolescence; and including in the case of natural resources allowances for depletion as permitted by reasonable rules...