...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...

...[the taxpayer] has no equity." (Italics supplied.) Sec. 23 (1) permits the deduction from gross income of "a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business . . . ." (Italics supplied.) See also §303 (a) (1), Revenue Act of 1926, c. 27, 44 Stat....

...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...reasonable allowance for obsolescence." Depreciation rates are based on the estimated useful lite of the facility. The useful life of building and equipment...

...follows : "In computing net income there shall be allowed as a deduction 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 net income. * * *" Intangible as well as tangible...

...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...

...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...

...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...

...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...

...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...

...23(1) 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 * * *.") • Goldwyn Pictures Corp. v. Howells Sales Co., 282 Fed. 9 (2d Cir. 1822); M. Witmark A Sons...