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" There shall be allowed as a depreciation deduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence) — ( 1 ) Of property used In the trade or business, or (2) Of property held for the production... "
United States Code - Page 5027
by United States - 1965
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Cases Decided in the United States Court of Claims ... with ..., Volumes 120-130

United States. Court of Claims, Audrey Bernhardt - 1955 - 1002 pages
...provides: [In computing net income there shall be allowed as deductions:] "Depreciation. — A reasonable allowance for the exhaustion, wear and tear (Including...business, or (2) of property held for the production of Income." •Section 23 (f) provides: [In computing net Income there shall be allowed as deductions:]...
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Federal Power Commission Reports, Volume 15

United States. Federal Power Commission - 1957 - 1082 pages
...Depreciation, as it appears in the Internal Revenue Code of 1954, provides, in pertinent part, as follows : (1) of property used in the trade or business, or...ending after December 31, 1953, the term "reasonable allowance1' as used In subsection (a) shall include (but shall not be limited to) an allowance computed...
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Individual Income Tax Provisions of the Internal Revenue Code: Applicable to ...

United States. Congress. Joint Committee on Internal Revenue Taxation - 1944 - 336 pages
...worthlessness of which is incurred in the taxpayer's trade or business. (l) DEPRECIATION. — A reasonable allowance for the exhaustion, wear and tear (including...business, or (2) of property held for the production of income. In the case of property held by one person for life with remainder to another person, the deduction...
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Federal Income, Estate and Gift Tax Laws, Correlated

United States, Walter Elbert Barton - 1944 - 1286 pages
...applicable to taxable years beginning after Dec. 31, 1941. Sec. 23. (1) Depreciation. — A reasonable allowance for the exhaustion, wear and tear (including...the trade or business, or (2) of property held for production of income. In the case of property held by one person for life with remainder to another...
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Individual Income Tax Provisions of the Internal Revenue Code (second ...

United States. Congress. Internal Revenue Taxation Joint Committee - 1945 - 350 pages
...§ 123 (a) (2)) inserts "paragraph (2). of" before "subsection". (1) DEPRECIATION. — A reasonable allowance for the exhaustion, wear and tear (including...business, or (2) of property held for the production of income. In the case of property held by one person for life with remainder to another person, the deduction...
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Individual Income Tax Provisions of the Internal Revenue Code: Applicable to ...

United States. Congress. Joint Committee on Internal Revenue Taxation - 1946 - 428 pages
...worthlessness of which is incurred in the taxpayer's trade or business. (1) DEPRECIATION. — A reasonable allowance for the exhaustion, wear and tear (including...business, or (2) of property held for the production of income. In the case of property held by one person for life with remainder to another person, the deduction...
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Reports of the Tax Court of the United States, Volume 5

United States. Tax Court - 1946 - 1804 pages
...: • «•»•«• (1) DEPRECIATION. — A reasonable allowance for the exhaustion, wear and tew (including a reasonable allowance for obsolescence)...business, or (2) of property held for the production of Income. * * * However, even assuming that petitioner is in all respects otherwise entitled to an allowance...
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The Code of Federal Regulations of the United States of America

1971 - 744 pages
...obligation Issued by a corporation. § 1.167 (a) Statutory provisions; depreciation; general rule. SBC. 167. Depreciation — (a) General rule. There shall...business, or (2) Of property held for the production of Income. § 1.167 (a)— 1 Depreciation in general. (a) Reasonable allowance. Section 167 (a) provides...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1971 - 1474 pages
...obligation Issued by a corporation. § 1.167(a) Statutory provisions; depreciation ; general rule. SEC. 167. Depreciation — (a) General rule. There shall...business, or (2) Of property held for the production of Income. § 1.167(a)— 1 Depreciation in general. (a) Reasonable allowance. Section 167 (a) provides...
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Code of Federal Regulations: Containing a Codification of Documents of ...

1966 - 1826 pages
...obligation Issued by a corporation. § 1.167(n) Statutory provisions; depreciation ; general rule. SEC. 167. Depreciation — (a) General rule. There shall...business, or (2) Of property held for the production of income. § 1.167 (a)— 1 Depreciation in general. (a) Reasonable allowance. Section 167 (a) provides...
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