 | United States. Congress. Senate. Committee on the District of Columbia - 1947 - 1798 pages
...held for investment or used 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... | |
 | 1965 - 746 pages
...Bur. Int. Rev. 1942. depreciation is "a reasonable allowance for the exhaustion, wear and tear of the property used in the trade or business, including a reasonable allowance for obsolescence." Depreciation rates are based on the estimated useful lite of the facility. The useful life of building... | |
 | United States. Congress. Senate. Committee on Finance - 1954 - 656 pages
...provision, section 23 (1), allows as a deduction, in computing: taxable income, "a reasonable allowance for the exhaustion, wear and tear * * * of property used in the trade or business." This provision has worked satisfactorily in the past, when the dollar was a reasonably stable... | |
 | United States. Congress. Economic Report Joint Committee - 1955 - 798 pages
...allowed, as a depreciation deduction against the gross income of a concern, a reasonable allowance for the exhaustion, wear, and tear of property used in the trade or business, or of property held for the production of income. Now we allow that deduction because under... | |
 | United States. Congress. Joint Economic Committee - 1956 - 726 pages
...allowed, as a depreciation deduction against the gross income of a concern, a reasonable allowance for the exhaustion, wear, and tear of property used in the trade or business, or of property held for the production of income. Now we allow that deduction because under... | |
 | United States. Tax Court - 1959 - 1372 pages
...Section 23 (1) of the Internal Bevenue Code of 1939 allows as a deduction a "reasonable allowance for the exhaustion, wear and tear * * * of property used in the trade or business." The "reasonable allowance" means one based on the expected useful life of the depreciable... | |
 | United States. Congress. Senate. Committee on the Judiciary - 1960 - 1674 pages
...defines, as one of the deductions from gross Income, "DEPRECIATION*. — A reasonable allowance for the exhaustion, wear and tear of property used in...including a reasonable allowance for obsolescence * * V") • Ooldwyn Pictures Corp. v. Howells Sales Co., 282 Fed. 9 (2d Clr. 1922); M. Wltmark & Sons... | |
 | Congress. Internal Revenue Taxation Joint Committee - 1961 - 250 pages
...Code of 1939, §23(1), permitted the deduction for income tax purposes of a "reasonable allowance for the exhaustion, wear and tear ... of property used in the trade or business." The applicable Treasury Regulations 111, §29.23(1)-!, denned such allowance to be "that... | |
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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. 
