Show ALLOWANCE MADE FOR MINE DEPRECIATION I I WASHINGTON Feb 16 Important 16 Important t amendments to the regulations governing governIng governing govern govern- ing the collection of ot the corporation t-a t tax C have havo been approved by Secretary MacVeagh Mac Mac- and will be officially announced announce I today toda today Principal among amons th thorn them m Is a provision for tho depreciation of mines oil or ga gat gas S Swells wells and other othor deposits of at natu nature Tho Thi 3 problem of how properly to tax a well ot or ormine r mine being exhausted by continual continua I working was nas difficult Hereafter In such cases casu In computing the net Income deductions will be al al- al lowed loved for depreciation from ore oro and mineral mineral min min- eral deposits upon the tho basis of or the inal capital Investment cost A further r deduction also will bo be allowed though not Including the tho same In the thc Item Hem o of ot f gress Income for tho the unearned Increment Increment ment mont reported in such properties on Januar January January Jan Jan- uary 1 I 1909 Other amendments affecting depreciation tion arc are Depreciation of a company's stock it ita Is Isa Isa a lo loss s to the stockholders but not a a. i loss s of the company compan Issuing It and cannot be beaU aU allowed owed as aa a a. deduction Deduction on account of ot depreciation of ot property must bo based on the lifetime life lIre time of the property Its cost and Its value and Its use Removal of timber from lands merely by cutting will not be allowed as a 3 de depreciation de- de predation but will bo be considered as a change of form of assets Returns for the current year are ate be be I ing big compiled and Commissioner Cabelof Cabel Cabelof of the tho Internal revenue bureau estimates estimates esti esti- mates tho the government will collect about this year r. e |