Show I Your income Tax I NO 22 Depreciation may be claimed on all business property which includes not only buildings and machinery ofa of ofa a permanent character but automobiles automobiles automo- automo biles farn fann tractors mining and mill equipment office furniture and books A lawyer doctor or other professional man may not charge off as a current CUrlent expense the cost of 01 a library used wholly in his I sion this being a capital expenditure expendi- expendi ture and the library a capital asset But he m y y deduct an allowance for depreciation based upon the useful life of the library A new nev provision included in the revenue act of 01 1928 Is that in the case of property held by one Ine person for lIf with the th remainder to another another an- an other person the deduction for do- do predation shall be computed as if the life tenant were the absolute owner of the property and shall be to the tho life tenant In the case of property held in trust the allowance deduction shall shall o e apportioned apportioned ap- ap portioned between the income beneficiaries belie bene- and the trustee In accord accord- alice ance with the pertinent provisions of the instrument creating the trust or In the absence of such provisions provisions provi- provi on the basis of the trust InCome Income In- In come allocable to each |