United States Board of Tax Appeals November 17, 1936, Docket No. 75684. (La Arcada Bondholders Committee v. Commissioner)

lead-opinion

*82OPINION.

SteRhhageN :

The issue is the amount which the petitioner was, in the taxable year 1932, entitled to deduct, under section 23 (k) of the Revenue Act of 1928, as a reasonable allowance for the exhaustion, wear, and tear of the La Arcada building, including a reasonable allowance for obsolescence.