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" A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence. "
Cases Decided in the Court of Claims of the United States - Page 229
by United States. Court of Claims - 1928
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Public Accounting and Auditing...

John F. Sherwood - 1920 - 272 pages
...[Corporations]. "In computing net income there shall be allowed as deductions: "A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business." Capital Expenditures not Deductible. Expenditures which actually increase the value of the...
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The Tenant and His Landlord: A Treatise on the Rights and Liabilities of ...

Edgar Jacob Lauer, Victor House - 1921 - 488 pages
...reads as follows: — "That in computing net income there shall be allowed in deductions: — ". . . (8) A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence." " Nashville, C. & St. L. Jly. Co. v, United States, 269 Fed, R. 351, REASONABLE RENT 233 As used in...
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Laws of the State of New York, Volume 2

New York (State) - 1921 - 1090 pages
...item represents has been included as income by the taxpayer in a return rendered under this article. 8. A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence. 9. In the case of mines, oil and gas wells, other natural deposits and timber, a reasonable allowance...
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Regulations 45 (1920 Ed.) Relating to the Income Tax and War Profits and ...

United States. Internal Revenue Service - 1921 - 348 pages
...ALLOWED: DEPRECIATION. [KEc. 214. (a) That in computing net income there shall be allowed as deductions:] (8) A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence; I. 161. Depreciation. — A reasonable allowance for the exhaustion, wear and tear and obsolescence...
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The Income and Other Federal Taxes as Affected by Patents, Trade-marks ...

Rex Frye - 1921 - 350 pages
...of patent depreciation. Note Section 214 of the Act, where, among the "Deductions Allowed" is found: "(8) A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence." Art. 163 of Reg. 45, as modified by TD 2929 of October 7, 1919, includes: "Intangibles, the use of...
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Digest of the Federal Revenue Act of 1921: For Income and Excess Profits ...

National City Company - 1921 - 104 pages
...is the first instance in our income tax laws where a reserve has been permitted as a deduction. 85 "(8) A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence. In the case of such property acquired before March 1, 1913, this deduction shall be computed upon the...
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Tax Law of the State of New York: Being L. 1909, Chap. 62, Entitled "An Act ...

New York (State) - 1921 - 324 pages
...item represents has been included as income by the taxpayer in a return rendered under this article. 8. A reasonable allowance for the exhaustion, wear...including a reasonable allowance for obsolescence. 9. In the ease of mines, oil and gas wells, other natural deposits and timber, a reasonable allowance...
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Cumulative Bulletin ... Income Tax Rulings, Issues 4-5

United States. Bureau of Internal Revenue - 1921 - 772 pages
...computing net income there shall be allowed as deductions : ******* (S) A reasonable allowance for the exhaustion wear and tear of property used In the...including a reasonable allowance for obsolescence. The same provision occurs in section 234(a)7 with respect to corporations. This Act was effective for...
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Annual Report of the Public Service Commission, Volume 1

New York (State). Public Service Commission - 1923 - 402 pages
...(Cf. Knoxville v. KnoxviUe Water Co., 212 US 1.) expenses," but also of " a reasonable allowance for the exhaustion, wear and tear of property used in...including a reasonable allowance for obsolescence ". Treasury regulations provide in substantially the same manner as defined in the Commission's rules...
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Revenue Revision: Hearings Before the Committee on Ways and Means, House of ...

United States. Congress. House. Committee on Ways and Means - 1924 - 548 pages
...corporations. The law provides that — There may be taken as a deduction a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including n reasonable allowance for obsolescence. As I have stated before, there is a similar paragraph under...
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