Case Name: Wallace G. Kay, Petitioner, v. Commissioner of Internal Revenue, Respondent
Court: United States Board of Tax Appeals
Jurisdiction: United States
Decision Date: 1928-02-06
Citations: 10 B.T.A. 534
Docket Number: Docket No. 10102
Parties: Wallace G. Kay, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Judges: 
Reporter: Reports of the United States Board of Tax Appeals
Volume: 10
Pages: 534–535

Head Matter:
Wallace G. Kay, Petitioner, v. Commissioner of Internal Revenue, Respondent.
Docket No. 10102.
Promulgated February 6, 1928.
George M. Wolcott, Esq., for the petitioner.
E. O. Lake, Esq., for the respondent.

Opinion:
OPINION.
Siefkin :
Section 214 (a) of the Revenue Act of 1921 provides as follows:
That in computing net income there shall be allowed as deductions:
(1) All the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business, including a reasonable allowance for salaries or other compensation for personal services actually rendered; traveling expenses ;
*
(4) Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in trade or business;

(8) A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allowance for obsolescence.
We must hold, in view. of the evidence, that the petitioner is entitled to deductions for travel expenses, $60.50; for chaffeur's salary, $1,200; for gasoline, repairs, etc., $1,686; depreciation on Paige car from January 1 to May 24, 1921, at the rate of 25 per cent per annum, $336.09; depreciation on Marmon car from May 24 to December 31, 1921, at the rate of 25 per cent per annum, $890.61; and for loss on the sale of 'the Paige car on May 24, 1921, $239.37.
Judgment will he entered for the petitioner.