Witherspoon Oil Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner's contention that it was a member of a partnership in the taxable year 1924 and therefore entitled to deduct in its return a portion of the loss thereof is denied for lack of evidence. 2. Undepleted cost, less salvage, of individual oil wells upon tracts containing other producing wells disallowed as a deduction upon abandonment because of cessation of production.
1Opinion of the Court
WITHERSPOON OIL COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Witherspoon Oil Co. v. Commissioner
Docket No. 52491.
United States Board of Tax Appeals
34 B.T.A. 1130; 1936 BTA LEXIS 590;
October 20, 1936, Promulgated
1. Petitioner's contention that it was a member of a partnership in the taxable year 1924 and therefore entitled to deduct in its return a portion of the loss thereof is denied for lack of evidence.
2. Undepleted cost, less salvage, of individual oil wells upon tracts containing other producing wells disallowed as a deduction upon abandonment because of cessation…
2Cases cited1 opinion
- Witherspoon Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1936