The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-07

able year In carrying on any trade or
business, including a reasonable allow
ance for salaries or other compensation
for personal services actually rendered,
and including rentals or other payments
required to be made as a condition to the
continued use or possession. for purposes
of the trade or business Of property to
which the taxpayer has not taken or IL
not taking title or in which he has no
equity:
(2) All interest paid or accrued within
the taxable year on Indebtedness, except
on Indebtedness incurred or continued TO
purchase or carry obligations or secur.-
ties (other than obligations OF the United
States issued after September "a, 1870,
the interest upon which Is wholly exempt
from taxation under this title as income
to the taxpayer. or. In the case OF nom
resident alien individual. the proportion
Of such interest which the amount OF his
gross income from sources within the
United states bears TO the amount o. his
gross income from all sources within and
without the United States:
go Taxes paid or accrued within the
taxable year imposed (al hv the au-
thority of the United States. except In
come. war profits and excess profits
taxes or OBJ by the authority OF any
of its possessions. except the amount Of
income, war profits and excess profits
taxes allowed as a credit under section
222 or tc) by the authority of any State
or Territory. or any county. school dis
trtct. municipality or other taxing sub
division of any State or Territory, not
including those assessed against local
benefits Of kind tending to Increase
the value CT the property assessed or
td) in the case OF a citizen or resident
of the United States. by the authority of
any foreign country, except the amount
OF income. war profits and excess profits
taxes allowed as a credit under section
222 or (e) In the case Of a non resident
alien individual. by the authority OF any
foreign country Except income, war
profits and excess profits taxes, and
taxes assessed against local benefits OF a
kind tending to increase the value OF the
property assessed. upon property or
business;
80 Losses sustained during the tax
. bic year and not compensated for by in
suranco or otherwise, IL incurred in trade
or business
60 Losses sustained during the tax
| able year and not compensated for by
insurance or otherwise. II incurred n,
| any transaction entered into for profit
/ though not connected with the trade or
| business but in the case OF a non
/ resident allen individual only as to such
| transactions within the United States:
t6) Losses sustained during the tax.
| able year OF property not connected with
! the trade or business (hut in the case
| of a nonresident alien Individual only
/ property within the United States) II
arising from fires storms. shipwreck. OF
ether casualty. or from theft. and II no,
! compensated for By insurance or other
/ wise.
90 Debts ascertained to be worthless
| and charged off within the taxable year;
| tS A reasonable allowance for the
exhaustion. wear and tear Of property
used in the trade or business, including q
reasonable allowance for obsolescence;
(9) In the case OF buildings. machin-
| cry, equipment or other facilities. con.
| structed, erected, installed or acquired
on or after April 6. 1917, for the produc.
ton of articles contributing to the prose.
! cution OF the present war. and in the
, case OF vessels constructed or acquires
y on or after such date for the Transports
ton Of articles or men contributing &c
the prosecution OF the present war; there
shall he allowed reasonable deduction
for the amortization Of such part of the
| cost of such facilities or vessels as has
| been borne by the taxpayer, but moi
again including any amount otherwise
allowed under this title or previous act,
/ OF Congress as a deduction in computing
net income. Al any time within three
! years after the termination Of the pres
ent war the Commissioner may, and al
| the request of the taxpayer shall, re-
! examine the return, and II he then find.
as a result OF an appraisal or from Other
4 evidence that the deduction originally al
lowed was incorrect. the take. imposed
by this title and by Title III. for tht