 | United States. Supreme Court - 1931 - 1000 pages
...Revenue Act of 1918, § 234 (a) (7) are: "A reasonable allowance for the 648 Opinion of the Court. exhaustion, wear and tear of property used in the...including a reasonable allowance for obsolescence." The Government contends that this statute did not authorize a deduction for obsolescence of tangible... | |
 | United States. Internal Revenue Service - 1931 - 502 pages
...section 113 and articles 591-604. Due regard must also be given to expenditures for current upkeep. In the case of property held by one person for life with remainder to another person, the deduction for depreciation shall be computed as if the life tenant were the absolute owner of the property so... | |
 | United States. Internal Revenue Service - 1954 - 1182 pages
...deduction were an amount equal to the amount of such excess. (g) LIFE TENANT AKD REMAINDERMAN. — In the case of property held by one person for life with remainder to another person, the amorti/.ation deduction provided in subsection (a) shall be computed as if the life tenant were the... | |
 | United States. Tax Court - 1956 - 1232 pages
...In the case of leases the deductions shall in- equitably apportioned between the lessor and lessee. In the case of property held by one person for life...another person, the deduction shall be computed as If tlie life tenant were the absolute owner of the property and shall be allowed to the life tenant. In... | |
 | United States. Congress. Senate. Committee on the Judiciary - 1960 - 1674 pages
...provided in Section 23(1); * * *." (Section 23(1) defines, as one of the deductions from gross Income, "DEPRECIATION*. — A reasonable allowance for the...including a reasonable allowance for obsolescence * * V") • Ooldwyn Pictures Corp. v. Howells Sales Co., 282 Fed. 9 (2d Clr. 1922); M. Wltmark & Sons... | |
 | 1960 - 608 pages
...estates. Sac. 167. Depreciation. • • • (g) Life tenants and beneficiaries of trusta and estates. In the case of property held by one person for life...to another person, the deduction shall be computed ae If the life tenant were the absolute owner of the property and shall be allowed to the life tenant.... | |
 | 1961 - 566 pages
...section shall be equitably apportioned between the lessor and lessee. (2) Life tenant and remainderman. In the case of property held by one person for life with remainder to another person, the deduction under this section shall be computed as if the life tenant were the absolute owner of the property... | |
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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. 
