SIXTY-SEVENTH CONGRESS. Sess. I. Ch. 136. 1921. 255 for the amount of such taxes. For the ur ose of this ar h, '“°°’“‘ TAX- , estate, inheritance, legacly, and successiolii tiixes accrue di; iilidadiie e¤éi?iii?·is.°i °sm`°’ date thereof excepsz as otherwise provided by the law of the jurisdiction 1mposing suc taxes; (4) Losses sustained during the taxable year and not compensated L°°S°S' for by insurance or otherwise; unless, in order to clearly reflect the mcome, the loss should in the 0 inion of the Commissioner be . . accounted for as of a different periodi No deduction shall be allowed S rfiiliirliilgiiogiiigtgii for any loss claimed to have been sustained in any sale or other h°’°°"°" 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 property so acquired is held by the taxpayer for any period after such sale or other disposition, unless such claim is made y a dealer in stock or securities and with res act to a transaction made in the ordinary course of its business. if such acquisition is to the extent of part only of substantial] identical property, then P . ed only a proportionate part of the loss shall lie disallowed. In case of b¤:¤ii)%cu ifleiii. losses arising from destruction of or damage to property, where the propert so estro ed or damaged was ac mred before March 1, 1913, the dediiction shall be computed upon (iihe basis of its fair market price or value as of March 1, 1913; (5) Debts ascertained to be worthless and charged off within the w°rtm°sSd°bts' taxable year (or in the discretion of the Commissioner, a reasonable addition to a reserve for bad debts); and when satisfied that a debt is recoverable only in part, the Commissioner may allow such debt to be charged off m part; (6) The amount received as dividends (A) from a domestic corpo- d,,l,°,f§g2'L%’,L,,,,,§{,,§’,,‘§,{ ration other than a corporation entitled to the benefits of section 262, PM l{· 856- or (B) from any foreign corporation when it is shown to the satisfac- ti,5,§,' °,}§,§‘, °%'§§§§ tion of the Commissioner that more than 50 er centum of the gross S°¤'¤¤¤¤°¤*¤¤S· income of such foreign cor oration for the tgree- ear period endin with the close of its taxable ear preceding the declaration of such dividends (or for such part ofy such period as the foreign corporation has been in existence) was derived from sources within the United States as determined under section 217; (7) A reasonable allowance for the exhaustion, wear and tear of p,E;2§‘Q§"°“’ °°°‘· °' property used in the trade or business, including a reasonable allowance for obsolescence. In the case of such pro crty acquired before M—;;<L¤{'{*;,,,,b ° l" '° March 1, 1913, this deduction shall be computed, upon the basis of its " fair market price or value as of March 1, 1913; _ (8) In the case of buildings, machinery, equipment, or other 0,*;f_g{g‘Z§;;gg,;‘,g,*;$° facilities, constructed, erected, installed, or acq)u1red, on or after mi- wand wwuées. ' April 6, 1917, for the production of articles contri uting to the prosecution of the war against the German Government, and m the case of vessels constructed or acquired on or after such date for the transportation of articles or men contributing to the prosecution of such war, there shall be allowed, for any taxable 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 reasonablededuction for the amortization of such part of the cost of such facilities or vessels _ _ _ as has been borne by the taxpayer, but not again including any L¤¤¤*¤¤¤¤· amount otherwise allowed under this title or grevious Acts of Coiigress _ _ as a deduction in computing net income. t any time before arch ,af,*’°§§;j"Q,§‘§;§’e‘j,¤b:_* 3 1924, the Commissioner may, and at the request of the taxpayer mm March 3, 1924- shall, reexamine the return, and if he then funds as a result of an zgpmisal or from othetiil evidence that the;-itgledugioncgsnimgglg owed was incorrect, e mcome, war- ro , an ex - _ taxes for the year or years affected shalpbe redetermmed and the P°Y”°°° °' ”°"”`°
