Obsolescence Law and Legal Definition

“Obsolescence may arise from changes in the art, shifting of business centers, loss of trade, inadequacy, supersession, prohibitory laws and other things which, apart from physical deterioration, operate to cause plant elements or the plant as a whole to suffer diminution in value.” Swanson v. Commissioner, 29 B.T.A. 1123, 1133 (B.T.A. 1934)