Jewett & Co. v. Commissioner

L. HAND, Circuit Judge.

Tho taxpayer, a stove manufacturer,, claimed certain deductions in its income tax returns for the years 1924 and 1925, due to obsolescence of its patterns for casting. On March 1, 1913, the cost or value of! the patterns owned by it was $101,297.04, to which was added, up to and including 1923, $22,-786.22, making $124,083.26 in all. .The additions of 1924 and 1925 were $2,299.95 and $1,371.78, respectively. The Commissioner computed a deduction of ten per cent, as depreciation for obsolescence, each year, beginning with 3 913, which left nothing after 1923 as a base…