Fred M. Vinson

“ The facts that the value of the property was only equal to the lien in 1932 and that during the next six and one-half years the physical condition of the building deteriorated and the amount of the lien increased, are entirely inconclusive, particularly in the light of the buyer's willingness in 1938 to take subject to the increased lien and pay a substantial amount of cash to boot. ”

“ Stockholmes Enskilda Bank, 293 U.S. 84, 87, 55 S.Ct. 50, 51, 79 L.Ed. 211.
24 Sec. 23 (a) (1) , 26 U.S.C.A. Int.Rev.Code, § 23 (a) (1) , permits the deduction from gross income of 'rentals * * * required to be made as a condition to the continued use * * * for purposes of the trade or business, of property * * * in which he (the taxpayer) has no equity.'
Sec. 23 (l) permits the deduction from gross income of 'a reasonable allowance for the exhaustion, wear and tear of property used in the trade or business * * *.'
See also § 303 (a) (1) , Revenue Act of 1926, c. 27, 44 Stat. 9 ”

“ Reg. 62, Art. 1563; Reg. 65, Art. 1594; Reg. 69, Art. 1594; Reg. 74, Art. 596; Reg. 77, Art. 596; Reg. 86, Art. 113 (a) (5) -1 (c) ; Reg. 94, Art. 113 (a) (5) -1 (c) ; Reg. 103, § 19.113 (a) (5) -1 (c) ; Reg. ”