Ratliff v. Commissioner
United States Board of Tax Appeals
DEPLETION. - Where the petitioners were the owners of an oil royalty and sold one-half thereof for cash, they are not entitled to deduction for depletion upon the part so sold.
1Opinion of the Court
OPINION.
Hill:
In these consolidated cases the respondent determined a deficiency of $88.12 in income tax against each petitioner for the year 1933. The petitioners owned a certain royalty interest in oil lands in Texas, one-half of which they sold for $7,121.25 cash. In ! making their returns for income tax they each reported one-half of ¡the $7,121.25 and each claimed a deduction for depletion of 27½ percent, which the respondent disallowed: The correctness of res*763pondent’s ruling is the question for decision. The facts have been stipulated as follows:
It is agreed that the facts in this case…
2Cited by1 opinion
- Ratliff v. CommissionerUnited States Board of Tax Appeals · 1937