Iten Biscuit Co. v. Commissioner

*877OPINION.

Lansdon :

The first and most important question for consideration is whether the petitioner is entitled to a deduction, in computing taxable net income of each of the years in controversy, for depreciation of returnable cans in which its products are sold and shipped to its customers. If so, the amounts of such deductions have been agreed upon and stipulated by the parties.

The pertinent provisions of the Revenue Acts of 1921, 1924 and 1926 are as follows:

Sec. 234. (a) That in computing the net income of a corporation subject to the tax imposed by section 230 there shall be allowed as…