1078 sixTY-F1F*rH CONGRESS. sm. III. Ch. 18. 1919. 'N°°“ "“· sions, except the amount of income, war-profits and excess-plrotits taxes allowed as a. credit under section 238; or (c) by the authority of 8117 $$8% 01‘ T€¤'1li01‘§’, OF any county, School district, municipality, or other taxing subdivision of any State or Territorv, not mc uding those assessed agamst local benefits of a kind tending to increase §0g’§_g,§“°°00 , the value of the property assessed; or (d) the case of a domestic um. corporation, by the authority of anly foreign country, except the _ amount of income, yvar-profits an_ excess-profits taxes a lowed F°'¤g¤°°’P°¤“°¤S· as a credit under section 238; or (e) m the case of a foreign corporation, by the authority of any foreign country (except mcome, warpgongs an? eziplelss-proiiiits taxes, and taxhes aspessecl %§81I1Sl) local . ne ts o a ten ing to increase the va ue o e property §¥gi>xi>ii¤¤- assessed), upon the property or business: Provided, That in the case ‘""" p' 1m' of obligors specified in subdivision (b) of section 221 no deduction - for the payment of the tax imposed by this title or any other tax -paid pursuant to the contract or provision referred to in that subdivision, shall be allowed; L°“°’“· (4) Losses sustained during the taxable year and not compensated for by insurance or otherwise; _ _ W°¤m¤S$d¤b*¤· (5) 1Debts ascertained to be worthless and charged off within the _ _ _ taxab e year; 0,g“"""d d“"°"“°“· (6) Amoimts received as dividends from a corporation which is taxable imder this title upon its net income, and amounts received as dividends from a. personal service corporation out of earnmgs or _ proits upon which income tax has been imposed by Act of Congress; p,§$,‘$”°“* °°°‘* °f (7) A reasonable allowance for the exhaustion, wear and tear of property used in the trade or business, including a reasonable allow- A eee rm ”‘“€§>f°ir °l’i°1°"°°“°°% buildings an · t as ¤¤<> v*¤¤¤ n ecaseo mac ery eqmmen oro iii;-v$ii§e£sS°1S’ °t°" facilities, constructed, erected, installed, or, acq$ed, oii or after April 6, 1917, for the production of articles contributing to the prosecutigg of the present Bair, angl in lthe case of vessels <;onst1c·i1cted or acquir on or a ter suc ate or the transportation o arti es or men contributing to the {prosecution of the present war, there shall be allowed a reasonable eduction for the amortization of such part L¤¤¤*· of the cost of such facilities or vessels as has been borne by the taxp1age;·,tl¤ut not again any amount piyrvsgse allowed 1 e or previous c 0 onvress as a uc ion m compu _ m§¤_;}g;g¤t;1¤;;;{1¤¤» net income. At any time withinbthree years after the termination
r°° of the present war the Commissioner may, and at the request of tho
taxpayer shall, reexamine the return, and if he then as a result of an alppraisal or from other evidence that the deduction originalg allowe was incorrect, the taxes imuposed by this title and bg Title I for the year or years affected sha be redetermined and the amount pdm£:*¢·»‘¤r ¤i‘<>r- of tax due ufpon such redetermination, if any, shall be paid up0n_notioo ' and deman by the collector, or the amount of tax overpaid, any, shall credited or refunded to the taxpayer in accordance with the _ _ _ provisions o section 2§2; _ _ 00{‘§§g°""°‘°“’·“m· (9) In the case of mmes, oil and as wells, other natural depoS}¢·S, tiéygegcefer <i~>i>;¤- and timber, a reasonable allowance Eur depletion and for depreciation ' P °°m1°°’° °' of improvements, according to the peculiar conditions in each 0856, Pmim based upon cost_mcluding cost of development not otherwise deducted! H 000,,,,0,, 0,,0, ,0 Provided, That in the case of such properties acquired prior to March ¥¤¤=¤ 1» 1913- , 1913, the market value o the property (or the taxpayo1"S _ interest therein) on that date shall be ta en in lieu of cost up to that U0‘;"0°§’fo§'°dM,;’,’0§“*§‘ date: Provided further, That in the case of mines oil and gas WGUS, WY r . ) 1911 discoyered by the taz;payer, on or after March 1, 1913, and D0? acgiured as the result o purchase of a proven tract or lease, where the fair market value of the property is materially disproportionate to the cost, the depletion allowance shall be based upon the fair market
