240 SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. ”'°°“ ’*’· upon the taxpayer upon his interest as shareholder or member of a corporation, which are paid by the corporation without reimbmse- E’°°t°’°t°"°°x°s‘ ment from the taxpayer. For the purpose of this paraglraph estate, inheritance, legacy, and succession taxes accrue on the due date thereof excelgs as otherwise provided by the law of the jurisdiction _ im osing suc taxes; B"“”°“°I°°°°s‘ (4) Losses sustained during the taxable year and not compensated for by insurance or otherwise, if incurred in trade or business; w,k’”t§;‘{,‘j}S{°g’;s’;°“°d (5) Losses sustained dining the taxable year and not compensated ' for by insurance or otherwise, if incurred in any transaction entered into for profit, though not connected with the trade or business; but in the case of a nonresident alien individual only if and to the extent that the profit, if such transaction had resulted in a nlprofit, Restriction as to would be taxable under this title. No deduction shall be owed ""°“°"‘°‘*· under this paragraph for any loss claimed to have been sustained in any sale or other disposition of shares of stock or securities made after the passage of this Act where it appears that within thirty days before or after the date of such sale or other disposition the taxpayer has acquired (otherwise than by bequest or inheritance) substantially identical property, and the propert so ac uired is held by the tax- °f·}g_gw¤¤¤• ¤¤ vw payer for any period after suc sale or oliher disposition. If such ` acquisition is to the extent of part only of substantially identical pliiopergy, then only a proportionate part of the loss shall be disowe ; Cami 1¤¤=<=¤» ¤<>¢ (6) Losses sustained durin the taxable year of ro erty not con-
mm uw nected with the trade or bU§1D8SS (but in the casepofpa nonresident
alien individual onl property within the United States) if from fires, storms, sliipwreck, or other casualty, or from theft, and i Wgigggtd egw i¤ not compensated for by insurance or otherwise. Losses allowed under . ' paragraphs (4), (5), and (6) of this subdivision shall be deducted as of the taxable year in which sustained unless, in order to clearly reflect the income, the loss should, in the opinion of the Commissioner, b£gg{¤M*;g?°;{,*f;•d be accounted for as of a different period. In case of losses arising ' from destruction of or damage to property, where the property so destroyed or damaged was acquired before March 1, 1913, the deduction shall be computed upon the basis of its fair market price or value as of March 1, 1913; . “'°“’”°” "°"“· (7) Debts ascertained to be worthless and charged off within the taxable year (or, in the discretion of the Commissioner, a reasonable addition to a reserve for bad debts); and when satisfied that a debt R*’°°“°’°'“"*’“‘· is recoverable only in part, the Commissioner may allow such debt to be charged off in part; bu§i>;h£;¤*i%¤;§$¢·, <>f (8) A reasonable allowance for the exhaustion, wear and tear of P P property used in the trade or business, including a reasonable allowance for obsolescence. In the case of such pro erty acquired before March 1, 1913, this deduction shall be computed) upon the basis of its A km New faiz•q§11?-rlkqtil price or wgalaileilaashpf March 1913; _ th 0, 1,,,,, ,,,,,,,,,,,,,_’ _. _ _ e case o , mac ery, equi ment, or o er r¤·°w·=·¤·i W•r ¤¤¤¤- facilities, constructed, erected, gstalled, or acquiredyon or after April 6, 1917, for the production of articles contributing to the Sfosecution of the war against the German Government, and in e case of vessels constructed or acquired on or after such date for the transportation of articles or men contributin to the prosecution of such war, there shall be allowed, for any taxalge year ending before March 3, 1924 (if claim therefor was made at the time of filing return for the taxable year 1918, 1919, 1920, or 1921) a reasonable deduction for the amortization of such part of the cost of such facilities or vessels as ¤mi¤¤¤¤ has been borne by the taxglagrer, but not again including any 8.11101111t otherwise allowed under t title or previous Acts of Congress as a
