| United States. Tax Court - 1957 - 1440 pages
...— Section 23 (m) provides that there shall be allowed as a deduction In computing net Income In tbe case of mines, oil and gas wells, other natural deposits, and timber, a reasonable allowance (or depletion and for depreciation of improvements. Section 114 prescribes tbe bases npon which depreciation... | |
| United States. Tax Court - 1957 - 1408 pages
...provides that there shall be allowed as a deduction in computing net Income In the case of miner, oil and gas wells other natural deposits, and timber, a reasonable allowance for depletion and for deprecla tlon of Improvements. Section 114 prescribes the bases upon which depreciation nod depletion... | |
| United States. Congress. Senate. Committee on the Judiciary - 1960 - 1674 pages
...the deductions from gross Income, "DEPRECIATION*. — A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business,...including a reasonable allowance for obsolescence * * V") • Ooldwyn Pictures Corp. v. Howells Sales Co., 282 Fed. 9 (2d Clr. 1922); M. Wltmark & Sons... | |
| 1961 - 566 pages
...Section 611 provides that there shall be allowed as a deduction in computing taxable income in the case of mines, oil and gas wells, other natural deposits,...and timber, a reasonable allowance for depletion. In the case of standing timber, the depletion allowance shall be computed solely upon the adjusted... | |
| 1927 - 1680 pages
...not compensated for by insurance or otherwise ; "(7) A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolesence." It is the theory of plaintiff that the phrase in subsection (7) of said statute,... | |
| United States. Tax Court - 1956 - 1170 pages
...the taxable vears here involved. 1 SEC. 23. DEDUCTIONS FROM GROSS INCOME. (m) DEPLETION. — In the case of mines, oil and gas wells, other natural deposits,...for depletion and for depreciation of improvements, accordins to the peculiar conditions in each case; such reasonable allowance in all cases to be made... | |
| 1969 - 1402 pages
...centum of the adjusted gross income. (7) DEPRECIATION.—A reasonable allowance for exhaustion, wear, and tear of property used in the trade or business,...including a reasonable allowance for obsolescence; and including in the case of natural resources allowances for depletion as permitted by reasonable... | |
| United States. Congress. House. Committee on the District of Columbia - 1969 - 1022 pages
...ENCLOSED IN BRACKETS [ ] SECTION 47-1571): DEPRECIATION — A reasonable allowance for exhaustion, wear and tear of property used in the trade or business,...including a reasonable allowance for obsolescence; and including in the case of natural resources allowances for depletion as permitted by reasonable... | |
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