- -4 United States, 423 F.2d 1118, 1120 (9th Cir. 1970); Gordon v. Commissioner, 85 T.C. 309, 322-323 (1985); Early v. Commissioner, 52 T.C. 560, 566 (1969) (noting that section 167(a)(2)1 provides the authority for such a deduction), revd. on another issue 445 F.2d 166, 169 (5th Cir. 1971). However, section 2732 disallows deductions for amortization of a life interest acquired by gift, bequest, or inheritance. 1 SEC. 167. DEPRECIATION. (a) General Rule.--There shall be allowed as a depreciation reduction a reasonable allowance for the exhaustion, wear and tear (including a reasonable allowance for obsolescence)-- * * * * * * * (2) of property held for the production of income. 2 SEC. 273. HOLDERS OF LIFE OR TERMINABLE INTEREST. Amounts paid under the laws of a State, the District of Columbia, a possession of the United States, or a foreign country as income to the holder of a life or terminable interest acquired by gift, bequest, or inheritance shall not be reduced or diminished by any deduction for shrinkage (by whatever name called) in the value of such interest due to the lapse of time.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
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