Ogden Standard-Examiner | 1924-02-01 | Page 3 | Income Tax Facts

INCOME TAX o 0 21 1 While the word ord depreciation Is not use used In the re re act It computing net Income In- In pros pro Id Ides s that In como come ther there shall lie be allo allowed od as IlS de- de de deductions a reasonable allowance for tor the exhaustion wear and tear ot of property used In trade trado or lr busi bust busIness business ness nose Including a 8 r reasonable Ill Ill- allowance al allowance lowance tor for In rn claiming d depreciation the following fundamental must be ed Only such suh do- do depreciation de depreciation as r results from th the x ox- ex exhaustion ha wear near and and tear ot of prop prop- property property erty orty resulting from Its Ite u use e In busi bust business bustness business ness trade trad profession or voca vocation tion Is allowed ed Depreciation In Inthe inthe Inthe the salue of ot the taxpayers taxpayer's ers er's hom home or lr prop rh such euch as Ile an automobile automo- automo automobile bile bite used tor for pleasure or con con- convenience con convenience can can not be claimed R- R Re Reduction of ot talus lalue alue du due to chang changes s sIn In the tho social or business condition ot of a neighborhood or change chiango In street grade or fluctuations ot of market markot can not be claimed Depreciation In the alue of land whether Improved or unimproved can not be claimed Depreciation may be claimed on alt all business l 1 property which includes In- In eludes not on buildings but ma- ma machiner chiner farm tractors mine and mill equipment nt office furniture and books The alu to be bo cared tor for by depreciation Is 18 the tho cost of ot the property JIo has However ever in the case acquired prior to toI ot of March tarch 1 I 1913 th the deduction shall I Lo be computed upon the basis baste ot of its fair market price or lalue salue alue as ot of that date Deductions for tor or depreciation must of ot the be made as a separate Item Hem ere r return turn and must rouet be e e ex explained by showing separately eaCh eath cia class of ot property It cost at the date ot of purchase fair market price or lalue as ae of ot March 1 I 1913 It if purchased prior to that date estimated life lite depreciation charged charged charged ed oft off tor for all alt previous earu re 00 00