...Tax Regulations.0 In other words, peti• SEC. 167. DEPRECIATION. (a) GENERAL RULE. — There sball be allowed as a depreciation deduction a reasonable...obsolescence) — (1) of property used In the trade or business, « • • •Sec. 1.167(a)-3 Intangibles. asse ° ioner apparently concedes that in payment...

...paid or incurred during the taxable year In carrying on any trade or business, • • • •SEC. 167. DEPRECIATION. (a) GENERAL RULE. — There shall...business, or (2) of property held for the production of Income. •SEC. 203. CAPITAL, EXPENDITURES. (a) GENERAL RULE. — No deduction shall be allowed for...

...the apparent conflict between the Court of Claims and the Court of Appeals. 414 US 999 (1973). 1 "§ 167. Depreciation. "(a) General rule. "There shall...business, or "(2) of property held for the production of income." 1 "§ 263. Capital expenditures. "(a) General rule. "No deduction shall be allowed for —...

...Section 167 of the Internal Revenue Code of 1954 provides for an allowance for depreciation as follows: (a) General Rule. — There shall be allowed as a...business, or (2) of property held for the production of income. Section 1.167(a)-3 of the Income Tax Regulations provides in part, as follows: Intangibles....

...the year, P does not include such amounts in gross income. Section 167 (a) of the Code provides that there shall be allowed as a depreciation deduction...business, or (2) of property held for the production of income. Rev. Rul. 60-358, as amplified by Rev. Rul. 64-273, provides that in order to avoid distortion...

...$2 million allocated among these latter • SEC. 167. DEPRECIATION. (a) GENERAL RULE.—There sball be allowed as a depreciation deduction a reasonable...of property held for the production of Income. (b) Us« OF CERTAIN METHODS AND RATES.—For taxable years ending after December 31, 1953, the term "reasonable...

...amount that would be set aside for the taxable year in accordance with a reasonably consistent i SEC. 167. DEPRECIATION. (a) GENERAL RULE. — There shall...(1) of property) used In the trade or business, or Item Cost Prior depreciation Remaining Effective depreciable rate basis Depreciation 7,735 cows '....

...years beginning after December 31, 1938, by sec. 121 (d) of the Revenue Act of 1942.] A reasonable allowance for the exhaustion, wear and tear (including...business, or (2) of property held for the production of Income. where such property is "being affected by economic conditions that will restdt In its being...

...certiorari denied 355 US 956 (1958). The situation in the case at bar does not seem significantly 4 SEC. 167. DEPRECIATION. (a) GENERAL RULE. — There shall...wear and tear (including a reasonable allowance for obsol escence ) — (1) of property used In the trade or business, or (2) of property held for the...

...proffered, and on brief, he strongly intimates that respondent underestimated the physical wear 6 SEC. 167. DEPRECIATION. (a) GENERAL RULE. — There shall...business, or (2) of property held for the production of income. 7 We note that petitioners alleged in their petition that their use of the component method...