Rodeo-Vallejo Ferry Co. v. Commissioner

*939OPINION.

Van Fossan:

The statute (section 234 (a) (7) of the Bevenue Act of 1924) provides for “ a reasonable allowance for the exhaustion, wear and tear of property used in a trade or business, including a reasonable allowance for obsolescence.” In Loewers Gambrinus Brewery v. United States, 282 U. S. 638, Mr. Justice Butler states, “ the language of section 234 (a) (7) is broad enough to include all obsolescence from whatever cause.” And in Burnet v. Niagara Falls Brewing Co., 282 U. S. 648, the same learned justice said:

* * * The word [obsolescence] is much used, and its meaning depends upon…